| 单词 | institutional economics |
| 释义 | institutional economics The view of economics which stresses the importance of institutions in determining how economies really work. For example, the rules of land ownership are important in economic development in less developed countries (LDCs), and the lack of clearly defined and enforced property rights is proving a handicap in the transformation from planned to market economies in Eastern Europe. This should not exclude the analysis of economic influences on institutional rules themselves; but once chosen, institutional forms show great persistence, and trying to model economies without taking account of them may lead to serious errors. |
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