kaal:claim:3782205-006

The eight institutions are necessary conditions for business, which grinds to a halt without them, yet when they run well they consume only a tiny fraction of the economy's resources.

Source quote, verbatim

These eight institutions are necessary for business. Business grinds to a halt without them, but they require a tiny fraction of the resources in the economy when they are running well.

From

Craig Calcaterra, Wulf A. Kaal, Eight Institutions for the Evolution of Decentralization (2021), Chapter 9. Eight institutions, p. 2
https://ssrn.com/abstract=3782205 · source PDF

Cite as

Craig Calcaterra, Wulf A. Kaal, Eight Institutions for the Evolution of Decentralization (2021). SSRN: https://ssrn.com/abstract=3782205

Classification

conditionsupport: assertedinstitutional-designeconomics

Verify

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