Question

what are institutions​

Answer 1

A commonly accepted definition of institutions is that they are the formal and informal rules that organise social, political and economic relations (North, 1990). They are the systems of 'established and prevalent social rules that structure social interactions'

Answer 2

Answer:

A commonly accepted definition of institutions is that they are the formal and informal rules that organise social, political and economic relations (North, 1990). They are the systems of 'established and prevalent social rules that structure social interactions' (Hodgson, 2006, p. 2).

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