Summary of JOIE article (10 February 2025) by Geoffrey M. Hodgson International Management, Loughborough University London, London, UK. The full article is available on the JOIE website. Institutional research distinguishes between ‘formal’ and ‘informal’ institutions. Largely through the work of Douglass North, this terminology took off in the 1990s. North often associated ‘formal institutions’ with rules…
Tag: informal rules
Determinants of Social Norms I – the Role of Geography
Summary of JOIE Article (07 December 2023) by Stefan Voigt, Institute of Law & Economics, University of Hamburg, Germany. The full article is available on the JOIE website. For a long time, scholars in institutional economics were primarily concerned with formal institutions such as state-made and -enforced laws. This has completely changed over the last…