North, with many other Samuelsonian economists, thinks of “institutions” as budget constraints in a maximization problem. But as Clifford Geertz put it, an institution such as a toll for safe passage is “rather more than a mere payment,” that is, a mere monetary constraint. “It was part of a whole complex of moral rituals, customs with the force of law and the weight of sanctity.” [continues; click title bar above]
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Deirdre N. McCloskey is Distinguished Professor of Economics, History, English, and Communication at the University of Illinois at Chicago;
and Professor of Economic History, Gothenburg University, Sweden
Susan B. MacDonald, Editor
www.deirdremccloskey.org - website designed & built by susan b. macdonald - print date: Monday, 21 May 2012 - statcounter
