Geoffrey Hodgson Quote

Some institutions within the market are associated with exchange and contracts in an elemental sense (such as the legal system and the customs which govern the contract)... These would be present even if a formal market did not exist. Other institutions are specifically to do with the development of a market and the coordination of a large number of exchanges in an organized manner.


p. 174 - Economics and Institutions, 1988


Some institutions within the market are associated with exchange and contracts in an elemental sense (such as the legal system and the customs which...

Some institutions within the market are associated with exchange and contracts in an elemental sense (such as the legal system and the customs which...

Some institutions within the market are associated with exchange and contracts in an elemental sense (such as the legal system and the customs which...

Some institutions within the market are associated with exchange and contracts in an elemental sense (such as the legal system and the customs which...