One of the great lessons of economics is that:

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The statement "good institutions channel self-interest toward social prosperity, whereas poor institutions channel self-interest towards social destruction" is a widely accepted lesson in economics. It highlights the importance of institutions and their impact on economic outcomes. A society with good institutions, such as transparent governance, strong property rights, and effective legal system, will encourage individuals to act in ways that benefit themselves and society as a whole. In contrast, poor institutions, characterized by corruption, weak property rights, and ineffective legal system, will encourage individuals to act in ways that benefit only themselves, often at the expense of others and society as a whole. This lesson is crucial in understanding the role of institutions in promoting economic growth and development.

One of the Great Lessons of Economics Is That