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Give examples of institutions according to the institutional theory. In your example mention the link between...

Give examples of institutions according to the institutional theory. In your example mention the link between an institution and economic or social outcome

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Answer #1

Below are some examples of institutions according to the institutional theory:

- Rule of Law

- Government Bureaucrats

- Property Rights Protection

- Financial Markets.

These government setups assist the economic or social outcome.For example, the system of property rights is the key to social development. The institutions make sure that all the property rights are well-defined and protected. This gives all the people the right to use the resources according to their needs.

The institution governs the following factors to all individuals:

- Right of using the commodity

- Right of receiving income from the commodity

- Right of change in the ownership of goods

All these rights are given to ensure that economic or social outcome is met and economic development occurs.

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