Institutions organizing production, exchange and ownership: property as the institution of rights over resources, the market as the institution coordinating exchange through price, and the guild as a historical institution organizing a trade or craft and controlling entry to it. Belongs here: an institution whose primary function is economic production, exchange or ownership. Does not belong here: an institution whose primary function is governing or adjudicating rather than producing or exchanging, grouped under Political and Legal Institutions.
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Established Era All Economic Institutions
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Sources
1. Wikipedia: Institutional economics
WikipediaInstitutional economics, lead sectionQuote, Institutional economics, lead section
Its name and core elements trace back to a 1919 American Economic Review article by Walton H. Hamilton.
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