When the resources used in the production of goods and services become more scarce, an increase in their prices discourages demand and provides an incentive to invest in new production methods that utilize fewer of those resources.
New York: W.W. Norton;  BIS central bankers’ speeches  1  Institutions can be interpreted as a set of permanent rules that limit the behavior of individuals and the government, providing a stable framework of certainty. The rule of law represents a central piece of the group, encompassing factors such as the protection of property rights and the administration of justice.