Quote by Douglass North
"Markets require institutions to function; they do not emerge spontaneously from chaos."
"Markets require institutions to function; they do not emerge spontaneously from chaos."
"Institutions are the humanly devised constraints that shape human interaction."
"The performance of economies over time is determined by institutions and institutional change."
"Ideas have consequences, and the ideas we hold shape the institutions we create."
"Economic history is fundamentally about understanding how societies organize production and exchange."