An Overview on Institutionalism and Decentralized Decision-Making

Alexandra Ema Cioclea ()

MPRA Paper from University Library of Munich, Germany

Abstract: Human actions, interactions and decisions should have a certain degree of predictability that can be obtained by establishing rules. Institutions, in general, are defined by sets of rules known by the public and applicable for the community. Their existence is essential for the economic activity, as it cannot develop in a vacuum. At the same time, the type and the quality of institutions make the difference in implementing economic aspirations of individuals and in supporting economic overall growth. Institutions provide a minimum of regulations that in conjunction with the particularities and the interests of individuals and communities become the foundation for economic, political and social decision-making processes.

Keywords: institutions; institutionalism; decision-making; decentralization (search for similar items in EconPapers)
JEL-codes: B25 D23 D73 (search for similar items in EconPapers)
Date: 2011-01-26
New Economics Papers: this item is included in nep-hme
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