Douglass North Quote

Institutions are the humanly devised constraints that structure political, economic, and social interactions. They consist of both informal constraints (sanctions, taboos, customs, tradition, and code of conduct) and formal rules (constitutions, laws, property rights).


p. 97; As cited in: Oliver E. Williamson (1996) The Mechanisms of Governance. p. 4 - Institutions (1990)

Picture Quote 1

Institutions are the humanly devised constraints that structure political, economic, and social interactions. They consist of both informal...

Picture Quote 2

Institutions are the humanly devised constraints that structure political, economic, and social interactions. They consist of both informal...

Picture Quote 3

Institutions are the humanly devised constraints that structure political, economic, and social interactions. They consist of both informal...

Picture Quote 4

Institutions are the humanly devised constraints that structure political, economic, and social interactions. They consist of both informal...