institutions that define any economic system. Within society, people are perceptive to a system of general rules that provides … incentives and constraints for human behavior. Institutions' and human action's mutuality, and also its economic and political … implications, explain the essential importance of institutions in economic science and the institutional approach viability. …

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 … – explain, for example, that human endeavour for social improvement led to the appearance of Law, private ownership, contract …

institutions­­­ …