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    Reference Definition: Institutions

    Definitions Matter. For future reference, I will continue to use this definition for “Institutions“:

    Institutions are the humanly devised constraints that structure human interaction. They are made up of formal constraints (rules, laws, constitutions), informal constraints (norms of behavior, conventions, and self imposed codes of conduct), and their enforcement characteristics. [Ref: Douglass C. North Nobel Lecture]

    Does anybody have a suggestion, comment or better way of defining this?

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