Institutions are not necessarily efficient; following Douglass North, institutions can be highly inefficient or even pathological because institutional evolution lacks the selection pressures (mergers, natural selection) that weed out bad forms — so dysfunctional poverty-perpetuating norms can persist for a very long time.
causalpending
Speaker
Michael MungerEvidence Quote
“I'm a duck north student and one of the things I thought that was most interesting about northeast there's no reason to assume institutions or efficient organizations are efficient but institutions can be highly inefficient even pathological”
Created: 6/17/2026, 10:29:24 AM
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