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: Rule of Law Index
Experienced People have the least Faith in Institutions
Summary of JOIE article (First View, 14 January 2020) by Benito Arruñada, Pompeu Fabra University and BGSE, Barcelona. The full article is available on the JOIE website. Experienced people, those who get in touch with rule-of-law institutions, perceive that they work worst. Therefore, optimism on the functioning of institutions seems to be the privilege of the inexperienced, especially of…