Compared to formal institutions, informal institutions operate at a more tacit level, where both elements work in conjunction; while formal institutions regulate economic activities, informal institutions shape the perceptions and judgments of the self, others, and their environment.
Informal institutions are socially shared rules, usually unwritten, that are created, communicated, and enforced outside of officially sanctioned channels. Informal institutions are equally known but not laid down in writing and they tend to be more persistent than formal rules.
Formal institutions are those that are created to govern human behavior.
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