Informal and Formal Organization in New Institutional Economics

  title={Informal and Formal Organization in New Institutional Economics},
  author={Todd and R. and ZENGER and John M. Olin},
Exchanges are governed by a set of formal institutions (contracts, incentives, authority) and informal institutions (norms, routines, political processes) which are deeply intertwined. However, for the most part, informal institutions are treated as exogenous forces changing the benefits to use alternative formal structures, and formal institutions are treated as mere functional substitutes of informal elements governing exchanges. As a result, scholars have not sufficiently explored the… CONTINUE READING

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