What are institutional arrangements? Why are they considered important fundamental determinants of economic growth and development?
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The institutional arrangements are the combination of rules, which establish certain acts or behavior that an individual must or must not accomplish, such as legal permissions, commands and authorizations. The rules can be related to operational, constitutional or collective decision making. It can be said that the institutional arrangements are the combination of formal and informal processes for sustainable resource management. These are the structures, which are found in the public and private sectors.
The operation of the market and the effective delivery of public policies are enabled by these arrangements. The institutional ...
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