The importance to economics of the study of institutions is no longer a controversial proposition, thanks in part to the scholarly literature generated by the new institutional economics movement. Institutions are more than organizations – property is an institution, but not an organization – but organizations are an important form of institution and will be the focus of my paper, as it is, to a considerable extent, of the new institutional economics.
Richard PosnerRelated topics
considerable economics extent focus form importance institution literature longer movement organization paper property proposition study thanksRelated quotes
Everything that I saw became something to be made, and it had to be exactly as it was, with nothing added. It was a new freedom: there was no longer the need to compose. The subject was there already made, and I could take from everything. It all belonged to me: a glass roof of a factory, with its broken and patched panels, lines on a road map, a corner of a Braque painting, paper fragments in the street. It was all the same: anything goes.
Ellsworth Kelly
According to our social science, we can be or become wise in all matters of secondary importance, but we have to be resigned to utter ignorance in the most important respect: we cannot have any knowledge regarding the ultimate principles of our choices, i. e. regarding their soundness or unsoundness... We are then in the position of beings who are sane and sober when engaged in trivial business and who gamble like madmen when confronted with serious issues.
Leo Strauss
Here and there it happened in my practice that a patient grew beyond himself because of unknown potentialities, and this became an experience of prime importance to me. I had learned in the meanwhile that the greatest and most important problems of life are all in a certain sense insoluble. They must be so because they express the necessary polarity inherent in every self-regulating system. They can never be solved, but only outgrown.
Carl Jung
With all humility, I think, 'Whatsoever thy hand findeth to do, do it with thy might.' Infinitely more important than the vain attempt to love one's neighbor as one's self. If you want to hit a bird on the wing, you must have all your will in focus, you must not be thinking about yourself, and equally, you must not be thinking about your neighbor you must be living in your eye on that bird. Every achievement is a bird on the wing.
Oliver Wendell Holmes Jr.
Until I came to IBM, I probably would have told you that culture was just one among several important elements in any organization's makeup and success - along with vision, strategy, marketing, financials, and the like... I came to see, in my time at IBM, that culture isn't just one aspect of the game, it is the game. In the end, an organization is nothing more than the collective capacity of its people to create value.
Louis V. Gerstner
