Institutions and well-being

nge... round “The tools that the new economic historian inherited from the economistwere not intended to deal with long-run economic cha The economist not only accepted tastes, technology, and population as given, but also he accepted equally the current basic g ility of rules within which both market and non-market decisions were made. For that matter, the theory did not recognize the possib making economic decisions via the political process. Information was assumed to be perfect and costless.”

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