Adaptive Efficiency in Institutional Change

What I have termed adaptive efficiency is an ongoing condition in which society continues to modify or create new institutions as problems evolve…. An underlying source appears to have been the development of a set of informal institutional constraints that have been powerful restraints against rigid monopoly in all its guises.

— Douglass North, Understanding the Process of Economic Change, (p. 169)

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KDR is a writer, editor, and economist.