The study and comprehension of institutions – viewed as written and unwritten constraints (rules) initiated by people … economies and societies. The framework inspired by institutions to which people dedicated maximum energy and talent also …

This paper focuses on the role of institutions in enhancing economic growth. Attention to the institutional environment … specialization and the division of labor. Instead, development is seen as a response to the evolution of institutions that support …. That is, institutions do matter when it comes to costs minimizing or, in other words, the secret of obtaining efficient …