Economic History Assignment 2

Economic History Assignment 2 - (Persson, 2010)Jennifer...

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(Persson, 2010)Jennifer Edwards Economic History of Europe Prof. Alpert September 26, 2010 “Institutions are the rules of the game.” (Persson, 2010) “Some are upheld by law, others by the mutual and spontaneous consent and a few by the force of privileged elites.” (Persson, 2010) “Some institutions are informal, such as trust and commitment while others say the limited liability corporation needed coordinated action by lawmakers to get established as they did by the end of the nineteenth century.” (Persson, 2010) In rationalizing for the perpetuation of the institutions it is explained that institutions efficiency and are based on some type of structure for example to cut taxes and increase consumption. This is suggested that the government will cut taxes just to increase consumption and the explanation of institution efficiency will affect the enhancing of institutions primarily different. “Another example of this situation is the “private property rights and that is the inefficiently common access to resource.” (Persson, 2010) A lot of these efficiencies I believe to exist because of limited liability companies, property rights, banks and companies that are monopolies. As far as monopolies goes there are companies out there that are taking the whole market and increasing
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This note was uploaded on 09/22/2011 for the course ENGL 201 taught by Professor Hollies during the Spring '11 term at UConn.

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Economic History Assignment 2 - (Persson, 2010)Jennifer...

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