An institution is a significant practice, relationship, or organization in a society. Institutions shape the environment in which decisions are made, and they affect production and income in a nation. The most significant institutions are private property rights, political stability and the rule of law, open and competitive markets, efficient taxes, and stable money and stable prices.
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The single greatest incentive for voluntary production is the existence of:
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An institution is a significant practice, relationship, or organization in a society. Institutions s...
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