the players. The players can consist of groups that are bound by a common interest, be it economic, social political, or educational. The evolving roles of the players are influenced by the rules that govern the game. But they, in turn, affect the evolution of the rules.” Institutions can come in many different forms, from political institutions to social norms and traditions to property rights or rules of law. These institutions will have two main influences on an economy: economic growth and income…
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