Monday, April 02, 2012

Quotes of the day: Political Institutions

"Economic institutions shape economic incentives:... It is the political process that determines what economic institutions people live under; and it is the political institutions that determine how this process work"

fromWhy Nations Fail: The Origins of Power, Prosperity and Poverty  by Daron Acemoglu and James Robinson. The complete excerpt of this statement can be find here.

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