1. Rollins College is an example of an 'institution' in the sense that Douglass North describes it.https://www.aeaweb.org/articles?id=10.1257/jep.5.1.97

Explain why and how, Rollins College can be categorized as an 'institution' according to the criterion laid down by North.

How does Rollins College attempt to solve the 'Economic Problem'?

What role does the 'institution' play in resolving the economic problem?

Do you believe that such an institutional structure is important and vital for the proper resolution of the economic problem as it pertains to Rollins College?

2. The United States Supreme Court is a classic example of a venerable 'institution'. Although a juridical entity, it does help to set out a framework of law and order within which US markets operate. You may watch the following video to get an idea of its history: https://www.youtube.com/watch?v=fnXVnqMSrU4

How does the Supreme Court attempt to help in solving the 'Economic Problem'?

What role does this 'institution' play is resolving the economic problem? Do you believe that such an institutional structure is important and vital for the proper resolution of the economic problem as it pertains to the US market economy?

3. As you study more macroeconomics or read the newspapers, you will be aware of the vital role that the Federal Reserve Board (or more generally the Federal Reserve System) plays in controlling monetary policy, money supply and its regulation, as well as the rate of inflation in the US economy. One implicit convention is that the Fed (as it's affectionately called) must always be independent of the political authority like the federal administration. This is now the accepted principle of every single central bank in the world. The President nominates the Chair of the Fed (head of the Board of Governors which determines all aspects of monetary policy and regulation in the country) and is permitted to be vocal about the direction of the Fed, but the President cannot direct the Fed to raise or lower interest rates and thereby conduct monetary policy. Members of the Board of Governors of the Fed serve 14-year terms, which obviously has some presidential overlap but keeps the Board independent. (quoted from https://www.investopedia.com/articles/investing/082415/what-are-federal-reserve-chairmans-responsibilities.asp

How does The Federal Reserve System attempt to solve the 'Economic Problem'?

What role does this 'institution' play is resolving the economic problem? Do you believe that such an institutional structure is important and vital for the proper resolution of the economic problem as it pertains to the US macroeconomy?

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Based on the information provided I can address the questions as follows 1 Rollins College as an institution Rollins College can be categorized as an institution according to Douglass Norths criteria ... View the full answer