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Sociology of Economic LifeAyousha Fayyaz, IJMEI Volume 08 Issue 12 December 20221070-ArticleText-3379-1-10-20221228
Ayousha Fayyaz, IJMEI Volume 08 Issue 12 December 2022
reduce risk and ensure protracted levels of income (Johnson
& Lybecker, 2011). This correlates to historical studies'
results that high-quality institutions in ancient history are now
grounded in more justice, political competition, and
collaborative norms. Institutions have a huge effect on a
country’s economic growth because they define the contexts
within which socioeconomic interaction occurs at all levels
of society. They determine the quantity of available
encounters, the benefits of economic transactions, and the
structure they can take.
III. CONCLUSION
This brief article presents perspectives on research directions
in the field of economic systems and institutions. Despite the
fact that the old subject dealing with the communist economic
system has passed into history, the subject will survive and
possibly thrive. This research proposes two explanations for
this prediction. For starters, there will be a greater demand for
a clearer idea of economic processes. Economic systems are
organizations that connect individual economic conduct to
aggregate societal effects. Although markets are the primary
organizing institutions in a capitalist economy, they can fail
in a variety of ways. Economic system research is supposed
to improve our knowledge of why markets collapse and what
treatments are available to correct or alleviate the problems.
Economic system researchers will have competence in
coordinating institutions across diverse sectors of the
economy, allowing them to contribute to a better knowledge
of the capitalist system as a whole.
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“Economic Systems and Institutions”
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