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Institutions

In: A Lexicon of Social Well-Being

Author

Listed:
  • Luigino Bruni

Abstract

Our well-being depends greatly on the quality of institutions. Marriage and universities, banks and State, Church and trade unions are obviously quite different things, but similar, too, in that they are all institutions. Societies locked in “social traps” are characterized by inefficient and corrupt institutions and by a high percentage of people with a low or nonexistent civil or institutional understanding. It is a deadly trap, which hurts everyone and is often decisive. The cream of the youth may emigrate, attracted by better institutions in other countries. From the past and present history of various peoples we know that societies do not create widespread prosperity and social well-being without the right institutions.

Suggested Citation

  • Luigino Bruni, 2015. "Institutions," Palgrave Macmillan Books, in: A Lexicon of Social Well-Being, pages 80-83, Palgrave Macmillan.
  • Handle: RePEc:pal:palchp:978-1-137-52888-9_22
    DOI: 10.1057/9781137528889_22
    as

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