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Institutional economics focuses on understanding the role of the evolutionary process and the role of institutions in shaping economic behavior. Its original focus lay in Thorstein Veblen 's instinct-oriented dichotomy between technology on the one side and the "ceremonial" sphere of society on the other.
Institutions and economic development In the context of institutions and how they are formed, North suggests that institutions ultimately work to provide social structure in society and to incentivize individuals who abide by this structure. North explains that there is in fact a difference between institutions and organizations and that ...
Political economy is a branch of political science and economics studying economic systems (e.g. markets and national economies) and their governance by political systems (e.g. law, institutions, and government).
It emphasizes the impact of historical and socio-political factors on the evolution of economic practices, often opposing more rational approaches. [3] In the political sense, this implies the influences actors like the state have on socio-economic practices and the shaping of institutions via political decision-making. [4]
The official United States Government Manual offers no definition. [ 1 ] [ 2 ] While the Administrative Procedure Act definition of "agency" applies to most executive branch agencies, Congress may define an agency however it chooses in enabling legislation, and through subsequent litigation often involving the Freedom of Information Act and the ...
An economic system, or economic order, [1] is a system of production, resource allocation and distribution of goods and services within a society. It includes the combination of the various institutions , agencies, entities, decision-making processes, and patterns of consumption that comprise the economic structure of a given community.
A government is the system or group of people governing an organized community, generally a state. In the case of its broad associative definition, government normally consists of legislature, executive, and judiciary. Government is a means by which organizational policies are enforced, as
It can also refer to a form of government where financial institutions rule society. Corporatocracy: Rule by corporations; a system of governance where an economic and political system is controlled by corporations or corporate interests. [36] Its use is generally pejorative.