The Decline and Rise of Institutions

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The Decline and Rise of Institutions is written by Liya Palagashvili and published by Cambridge University Press. It's available with International Standard Book Number or ISBN identification 1108515894 (ISBN 10) and 9781108515894 (ISBN 13).

Institutions are the formal or informal 'rules of the game' that facilitate economic, social, and political interactions. These include such things as legal rules, property rights, constitutions, political structures, and norms and customs. The main theoretical insights from Austrian economics regarding private property rights and prices, entrepreneurship, and spontaneous order mechanisms play a key role in advancing institutional economics. The Austrian economics framework provides an understanding for which institutions matter for growth, how they matter, and how they emerge and can change over time. Specifically, Austrians have contributed significantly to the areas of institutional stickiness and informal institutions, self-governance and self-enforcing contracts, institutional entrepreneurship, and the political infrastructure for development.