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Institutions are examined in institutional economics through different approaches. These include the agency theory, the public choice and political economy approaches, quantitative evaluation of economic history, cognitive studies, the role of ideology, and studies on path dependence. George Stigler's statement that "Economic organisation has probably been as important as technological change in historical develoment" clearly highlights the major role institutions play in determining economicdoi:10.22004/ag.econ.297653 fatcat:yyz6y7wx4vflxe6ouj3gms77kq