The Theoretical Framework
The nexus of administrative structures, organisations, laws, customs, and ideas are at the heart of economic transactions. They directly affect transaction costs and impinge on the efficiency of markets.
The formal rules of a society (laws and regulations), informal constraints (conventions and codes of conduct), and the enforcement mechanisms of both are the boundaries inside which human beings interact.
Administrative structures and formal rules are then expressed through organisations that include political bodies, economic units, social and religious bodies, and educational institutions.
In my view, based on personal experience in multilateral institutions, private business and government, these structures are one of the key determinants of economic growth and development.