Quote by Douglass North
"Institutional arrangements can persist through self-reinforcement even when they no longer serve anyone well."
"Institutional arrangements can persist through self-reinforcement even when they no longer serve anyone well."
"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."