When economists use this term, they mean: property rights, honest government, political stability, dependable legal system, and competitive and open markets. Why are these considered important for an economy? They create the right environment to allocate scarce resources. What are Institutions?, at Marginal Revolution University. Economic Institutions. Econlib College Guide.
Property Rights, from the Concise Encyclopedia of Economics
Political Behavior, from the Concise Encyclopedia of Economics
Law and Economics, from the Concise Encyclopedia of Economics
Free Market, from the Concise Encyclopedia of Economics
Federal Reserve System, from the Concise Encyclopedia of Economics
In the News and ExamplesDoes culture matter more than institutions to the economy. or vice-versa? Culture, Institutions, and Folkways, by Arnold Kling. June 3, 2019.
The Institutions-Intensive Economy, by Arnold Kling. February 23, 2013.
A Little History: Primary Sources and ReferencesCorporations are economic institutions: Corporations, from the Concise Encyclopedia of Economics
Advanced ResourcesWhat happens when nations have weak institutions? Morten Jerven on African Economic Growth at EconTalk. June 22, 2015.
How do institutions evolve, and how do institutions affect income inequality? Continuing Conversation: Daron Acemoglu on Inequality, Institutions, and Piketty, EconTalk Extra. November 5, 2014.
The Use of Knowledge in Society, by F. A. Hayek
Related TopicsProperty Rights Government Failures and Public Choice Analysis Monetary Policy and the Federal Reserve Roles of Government Budget Deficits and Public Debt Markets and Prices |