05 February 2013

They Said It: Schwab and Ostrom

"Finally, it is worth noting that institutions--even well-designed ones--will not lead to beneficial outcomes by themselves. Institutions are inseparable from the people who make use of them, and, as noted above, all rules are subject to manipulation by political actors. Thus, at some point, we must cease to rely upon institutional corrections and place our faith in a citizenry well educated in virtue. Ultimately, we must be the guardians."

--David Schwab and Elinor Ostrom, "The Vital Role of Norms and Rules in Maintaining Open Public and Private Economies," in Moral Markets: The Critical Role of Values in the Economy, Paul J. Zak, ed. (Princeton, 2008), 233; italics in the original.

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