Understanding the Process of Economic Change by Douglass C. North (Paperback, 2010)
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- DescriptionIn this landmark work, a Nobel Prize-winning ecomist develops a new way of understanding the process by which ecomies change. Douglass North inspired a revolution in ecomic history a generation ago by demonstrating that ecomic performance is determined largely by the kind and quality of institutions that support markets. As he showed in two w classic books that inspired the New Institutional Ecomics (today a subfield of ecomics), property rights and transaction costs are fundamental determinants. Here, North explains how different societies arrive at the institutional infrastructure that greatly determines their ecomic trajectories. North argues that ecomic change depends largely on adaptive efficiency, a society's effectiveness in creating institutions that are productive, stable, fair, and broadly accepted--and, importantly, flexible eugh to be changed or replaced in response to political and ecomic feedback. While adhering to his earlier definition of institutions as the formal and informal rules that constrain human ecomic behavior, he extends his analysis to explore the deeper determinants of how these rules evolve and how ecomies change. Drawing on recent work by psychologists, he identifies intentionality as the crucial variable and proceeds to demonstrate how intentionality emerges as the product of social learning and how it then shapes the ecomy's institutional foundations and thus its capacity to adapt to changing circumstances. Understanding the Process of Ecomic Change accounts t only for past institutional change but also for the diverse performance of present-day ecomies. This major work is therefore also an essential guide to improving the performance of developing countries.
- Author BiographyDouglass C. North is professor of economics and Spencer T. Olin Professor in Arts and Sciences at Washington University in St. Louis. He was the corecipient of the Nobel Prize in Economic Sciences in 1993.
- Author(s)Douglass C. North
- PublisherPrinceton University Press
- Date of Publication19/04/2010
- SubjectEconomics: Professional & General
- Series TitleThe Princeton Economic History of the Western World
- Place of PublicationNew Jersey
- Country of PublicationUnited States
- ImprintPrinceton University Press
- Content Note12 line illus. 1 table.
- Weight28 g
- Width152 mm
- Height229 mm
- Spine15 mm
- Format DetailsTrade paperback (US)
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