Quotation of the Day…

Tweet

… is from page 1 of the late Nobel laureate Douglass North‘s 2005 book, Understanding the Process of Economic Change:

The structure we impose on our lives to reduce uncertainty is an accumulation of prescriptions and proscriptions together with the artifacts that have evolved as part of this accumulation. The result is a complex mix of formal and informal constraints. These constraints are imbedded in language, physical artifacts, and beliefs that together define the patterns of human interaction.