Institutions like public education and the university system are surely important for understanding the growth in human capital. And institutions are themselves ideas — inventions that shape the allocation of resources — and the search for better institutions is unending.Very true. Institutions can come in any shape or form, they dont have to be inside four walls with people frequenting them 9 to 5. In fact, one can argue the famous help / mentoring / answering site Stackoverflow.com is an institution. Per Romer's paper, institutions define an incentive structure. Stackoverflow does this. It incentivizes the answering of questions by experts in their respective fields.
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