What do progressive economists mean by the term, "institutions?"
A) business associations such as the Chamber of Commerce.
B) international organizations such as the United Nations.
C) social systems, habits and customs that influence human behavior.
D) major governmental bodies such as the Congress and the Supreme court.

Question

Quizplus · Accepted Answer

Progressive economists use the term "institutions" to refer to social systems, habits and customs that influence human behavior. These can include formal institutions like government bodies or business associations, but also informal institutions like cultural norms and traditions. The focus is on how these institutions shape economic outcomes and can be changed to promote more equitable and sustainable results.

What Do Progressive Economists Mean by the Term, "Institutions