Institutions are central to economic life. They have a major impact on the actions and processes of firms, levels of wealth in countries, the growth of international trade etc. Institutions do more than support economic life: they enable and shape it. These insights challenge some of the most basic postulates on economic theory and are at the heart of economic sociology and political economy.
Institutions and the Economy by Francesco Duina (Bates College) examines the role of institutions – defined as the formal and informal rules and practices that surround us as we go about our daily lives – in the economy. Illuminating complex ideas with carefully selected, vivid examples, the investigation focuses on economic activity as it unfolds at the individual, organizational, national, and international levels. The lucid book combines the institutionalist approach with economic sociology and presents an revealing and thought-provoking discussion about how institutions affect the economy and how the economy really works.
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