"An institution is a humanly devised structure of rules and norms that shape and constrain individual behavior."
The formal and informal rules governing behavior in society, including government institutions.
Public Choice Theory: This is the theoretical framework that underpins the study of institutions. It is a branch of economics that focuses on the incentives and decision-making processes of individuals in the public sphere.
Governance: This refers to the mechanisms by which institutions are organized, managed, and controlled. It includes issues of accountability, transparency, and decision-making processes.
Political Economy: This is the study of how economic forces shape political outcomes and vice versa. It examines the way power is distributed in society and how institutions play a role in that distribution.
Constitutional Economics: This branch of economics focuses on the design and implementation of constitutions that provide a framework for institutional decision-making. It emphasizes the importance of rules and institutional arrangements that promote economic growth and liberty.
Institutional Analysis: This approach to understanding institutions involves examining the underlying rules, norms, and routines that shape institutional behavior. It looks beyond formal rules and considers the informal practices that influence decision-making.
Property Rights: Institutions play an important role in defining and protecting property rights. This topic explores the various ways in which property rights are defined and enforced, and how they affect economic outcomes.
Rent-Seeking: This refers to the use of political power to extract economic rents from society. Institutions can either facilitate or hinder rent-seeking behavior, and this topic explores the different incentives and mechanisms that drive it.
Social Capital: This refers to the networks, norms, and values shared by members of a society. Institutions play a key role in creating and maintaining social capital, which can have significant impacts on economic outcomes.
Institutional Change: Institutions are subject to change over time, and this topic examines the various factors that can drive institutional change. It also explores the implications of institutional change for economic and social outcomes.
Comparative Institutions: This involves comparing the institutional arrangements of different countries or regions, with a focus on the factors that drive similarities or differences in institutional outcomes.
Public Goods: Institutions are crucial for the provision of public goods, which are goods that are collectively consumed by society. This topic explores the challenges associated with the provision of public goods and how institutions can help overcome those challenges.
Coordination and Cooperation: Institutions play a key role in facilitating coordination and cooperation among individuals and groups. This topic examines the various mechanisms that institutions use to do so, and the conditions under which they are most effective.
Political Competition: Competing political parties and interest groups can have a significant impact on institutional decision-making. This topic examines the incentives and strategies used by political actors in a competitive environment.
Bureaucracy: The bureaucracy is a key part of many institutions, and this topic explores the role that bureaucracies play in decision-making and the factors that influence their behavior.
Institutional Design: Finally, this topic focuses on the design and implementation of institutional arrangements that promote economic growth, political stability, and social welfare. It examines the trade-offs involved in designing institutions and the importance of getting institutional design right.
Government institutions: Institutions established by the government to regulate, monitor and administer public policy. Examples include the Executive, Legislature, Judiciary and regulatory agencies.
Market institutions: Institutions that allow buyers and sellers to trade goods and services. Examples include stock markets, commodity exchanges, online marketplaces like Amazon and eBay.
Civil society institutions: Institutions that are created by citizens or groups for public benefit. Examples include religious organizations, community centers, charities.
Media institutions: Institutions that provide information to the public. Examples include newspapers, television networks, online news websites.
Non-profit institutions: Institutions that exist to promote a social cause or public good. Examples include universities, charities, foundations.
International institutions: Institutions that coordinate global governance and provide a framework for cooperation between sovereign states. Examples include the United Nations, International Monetary Fund, World Trade Organization.
Private institutions: Institutions created for private purposes. Examples include family businesses, partnerships, private companies.
Multinational institutions: Institutions that operate in multiple countries. Examples include multinational corporations, international NGOs.
Educational institutions: Institutions that provide education and instruction to students. Examples include schools, universities, vocational training centers.
Scientific institutions: Institutions that conduct research and advance scientific knowledge. Examples include scientific research institutions, medical research institutions.
"All definitions of institutions generally entail that there is a level of persistence and continuity."
"Laws, rules, social conventions and norms are all examples of institutions."
"Institutions vary in their level of formality and informality."
"Institutions are a principal object of study in social sciences such as political science, anthropology, economics, and sociology."
"[Sociology is] the science of institutions, their genesis and their functioning."
"Primary or meta-institutions are institutions such as the family or money that are broad enough to encompass sets of related institutions."
"Institutions are also a central concern for law, the formal mechanism for political rule-making and enforcement."
"Historians study and document the founding, growth, decay, and development of institutions."
"Historians study and document the founding, growth, decay and development of institutions as part of political, economic, and cultural history."
"Social conventions... shape and constrain individual behavior."
"Their structure of rules and norms... shape and constrain individual behavior."
"Institutions are a principal object of study in social sciences such as political science."
"Institutions are a principal object of study in social sciences such as... economics."
"Institutions are a principal object of study in social sciences such as... anthropology."
"[Sociology] studies institutions, their genesis, and their functioning."
"Historians study and document the founding, growth, decay, and development of institutions as part of political, economic, and cultural history."
"Institutions vary in their level of formality and informality."
"Social norms... shape and constrain individual behavior."
"Institutions are a central concern for law, the formal mechanism for political rule-making and enforcement."