(Universidad Icesi, 2011-07-01) Hodgson, Geoffrey Martin
Although the concept of institution has long history in social sciences, there is still no agreement with regard to the interpretation of the concept. The paper first discusses the ambiguities in North’s approach, in particular, when the latter limits the concept of institution to the system of formal rules that govern the organizations. Next, in order to overcome the difficulties of North’s approach, the author proposes to widen the concept by taken into account the informal base of all structured and enduring behavior..
