lectur6-page4 - to instruct people how to behave and are...

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4 4 What is an economic system ? By institution we mean principally the laws of the nation and cultural practices which control the way in which individuals act. A law is something that serves to instruct. Religious beliefs fall into this category as well. Religious beliefs are part of a society’s cultural make-up and can influence the economy and the governance of people. Just as criminal and administrative laws are mechanisms that serve
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Unformatted text preview: to instruct people how to behave and are used to modify or even control behavior, religious documents and doctrine also serve to instruct and modify or even control people’s behavior. Our form of government, our religious beliefs, and cultural practices are examples of institutions that interact with each other to determine the type of economy that will develop and how it will change over time....
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This note was uploaded on 12/29/2011 for the course ECO 210 taught by Professor Malls during the Fall '10 term at SUNY Stony Brook.

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