Quote by Douglass North
"Institutions fail when they no longer align individual incentives with collective welfare."
"Institutions fail when they no longer align individual incentives with collective welfare."
"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."