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| Author: | Khalil, E. |
| Title: | Organizations versus institutions |
| Journal: | Journal of Institutional and Theoretical Economics
1995 : SEP, VOL. 151:3, p. 445-466 |
| Index terms: | ORGANIZATIONS COMPANIES ECONOMISTS |
| Language: | eng |
| Abstract: | The paper draws a sharp distinction between organizations and institutions. Organizations are agents like households , firms, and states that have preferences and objectives. Institutions are formal and informal social constraints (rules, habits, constitutions, laws, conventions) which apparently reduce the total scarce resources available. Economists debate whether organizations are individuals with their own objectives or whether they are artificial things created ultimately to serve the objectives of their members. |
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