An Overview on Institutionalism and Decentralized Decision-Making
AbstractHuman actions, interactions and decisions should have a certain degree of predictability that can be obtained by establishing rules. Institutions, in general, are defined by sets of rules known by the public and applicable for the community. Their existence is essential for the economic activity, as it cannot develop in a vacuum. At the same time, the type and the quality of institutions make the difference in implementing economic aspirations of individuals and in supporting economic overall growth. Institutions provide a minimum of regulations that in conjunction with the particularities and the interests of individuals and communities become the foundation for economic, political and social decision-making processes.
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Bibliographic InfoPaper provided by University Library of Munich, Germany in its series MPRA Paper with number 28427.
Date of creation: 26 Jan 2011
Date of revision:
institutions; institutionalism; decision-making; decentralization;
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- B25 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925 - - - Historical; Institutional; Evolutionary; Austrian
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