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economic institution (PO)
1 An organization which is a component of an economy.
2 A system of PROPERTY RIGHTS.
3 A norm of economic behaviour.
4 A decision-making unit.
5 A type of contract, e.g. a form of insurance to cover a particular sort of risk.
Reference
Wiles, P.J.D. (1977) Economic Institutions Compared, Oxford: Basil Blackwell.

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