Both history and contemporary data show that countries prosper more when there are stable and dependable rules, under which people can make investmen… - Thomas Sowell

Economics is more than just a way to see patterns or to unravel puzzling anomalies. Its fundamental concern is with the material standard of living of society as a whole and how that is affected by particular decisions made by individuals and institutions. One of the ways of doing this is to look at economic policies and economic systems in terms of the incentives they create, rather than simply the goals they pursue. This means that consequences matter more than intentions — and not just the immediate consequences, but also the longer run repercussions of decisions, policies, and institutions.

Before attempting to determine the effect of institutions, it is necessary to consider the inherent circumstances, constraints, and impelling forces at work in the environment within which the institutional mechanisms function.

The history of which peoples, nations, or civilizations have conquered or enslaved which other peoples, nations, or civilizations has been largely a history of who has been in a position to do so.