View the full book description and publication details at Cambridge University Press & Assessment .
In this work, North defines institutions as the "rules of the game" in a society—humanly devised constraints that shape human interaction and structure incentives in exchange. He argues that the evolution of these institutions is the fundamental key to understanding why some economies grow and prosper while others stagnate or decline. Institutions, Institutional Change and Economic...
He explains how path-dependent development leads to long-term differences in the wealth of nations. Institutions, Institutional Change and Economic Performance View the full book description and publication details
You can browse excerpts and the table of contents via Google Books . The piece you are looking for is titled
He explores formal rules (laws, constitutions) and informal constraints (customs, traditions) and how they reduce uncertainty by providing structure to everyday life.
The piece you are looking for is titled a seminal book written by Nobel Prize-winning economist Douglass C. North and published in 1990 .