Institutions

Luigino Bruni (l.bruni@lumsa.it)

A chapter in A Lexicon of Social Well-Being, 2015, pp 80-83 from Palgrave Macmillan

Abstract: Abstract Our well-being depends greatly on the quality of institutions. Marriage and universities, banks and State, Church and trade unions are obviously quite different things, but similar, too, in that they are all institutions. Societies locked in “social traps” are characterized by inefficient and corrupt institutions and by a high percentage of people with a low or nonexistent civil or institutional understanding. It is a deadly trap, which hurts everyone and is often decisive. The cream of the youth may emigrate, attracted by better institutions in other countries. From the past and present history of various peoples we know that societies do not create widespread prosperity and social well-being without the right institutions.

Keywords: Common Good; Economic Institution; Civic Virtue; Good Institution; Extractive Reality (search for similar items in EconPapers)
Date: 2015
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-1-137-52888-9_22

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DOI: 10.1057/9781137528889_22

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