Foundations of Law and Economics
Institutions
Douglass C. North
- Year
- 1991
- Venue
- Journal of Economic Perspectives
- Level
- Advanced
Summary
Defines institutions as humanly devised constraints that structure political, economic, and social interaction. The article explains how formal rules, informal constraints, enforcement, transaction costs, and institutional change shape economic performance, making legal design part of a broader institutional environment.
Citation
Douglass C. North. "Institutions." Journal of Economic Perspectives, 1991.
DOI: 10.1257/jep.5.1.97
BibTeX
@article{North1991Institutions,
title = {Institutions},
author = {Douglass C. North},
year = {1991},
journal = {Journal of Economic Perspectives},
doi = {10.1257/jep.5.1.97},
url = {https://www.aeaweb.org/articles?id=10.1257/jep.5.1.97}
}