Economic institutions impact wealth distribution from "summary" of The Making of Economic Society by Robert L. Heilbroner,William Milberg
The way a society is organized economically has a significant impact on how wealth is distributed among its members. Economic institutions play a crucial role in determining who gets what in terms of income and assets. These institutions are the rules and norms that govern economic activities, such as property rights, contracts, and markets.
One key economic institution that affects wealth distribution is the system of property rights. In a society where property rights are well-defined and enforced, individuals are more likely to invest in productive activities, leading to economic growth and higher incomes. However, if property rights are weak or insecure, people may be less willing to invest, leading to lower economic output and unequal distribution of wealth.
Another important economic institution is the system of contracts. Contracts are agreements between parties that specify the terms of exchange, such as wages ...
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