ABSTRACT
Institutionalization and the quality of institution are both dependent on those people who staff the institution and those who design it. In Douglass North’s words,
The agent of change is the entrepreneur – the decision maker in organizations. The subjective perceptions (mental models) of entrepreneurs determine the choices they make. The sources of change are the opportunities perceived by entrepreneurs. . . . In any case, it is the perceptions of the entrepreneur – correct or incorrect – that are the sources of action.
