Institutions, Institutional Change and Economic Performance
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Institutions, Institutional Change and Economic Performance by Douglass C. North
Book DescriptionContinuing his groundbreaking analysis of economic structures, Douglass North develops an analytical framework for explaining the ways in which institutions and institutional change affect the performance of economies, both at a given time and over time. Institutions exist, he argues, due to the uncertainties involved in human interaction; they are the constraints devised to structure that interaction. Yet, institutions vary widely in their consequences for economic performance; some economies develop institutions that produce growth and development, while others develop institutions that produce stagnation. North first explores the nature of institutions and explains the role of transaction and production costs in their development. The second part of the book deals with institutional change. Institutions create the incentive structure in an economy, and organisations will be created to take advantage of the opportunities provided within a given institutional framework. North argues that the kinds of skills and knowledge fostered by the structure of an economy will shape the direction of change and gradually alter the institutional framework. He then explains how institutional development may lead to a path-dependent pattern of development. In the final part of the book, North explains the implications of this analysis for economic theory and economic history. He indicates how institutional analysis must be incorporated into neo-classical theory and explores the potential for the construction of a dynamic theory of long-term economic change. Douglass C. North is Director of the Center of Political Economy and Professor of Economics and History at Washington University in St. Louis. He is a past president of the Economic History Association and Western Economics Association and a Fellow, American Academy of Arts and Sciences. He has written over sixty articles for a variety of journals and is the author of The Rise of the Western World: A New Economic History (CUP, 1973, with R.P. Thomas) and Structure and Change in Economic History (Norton, 1981). Professor North is included in Great Economists Since Keynes edited by M. Blaug (CUP, 1988 paperback ed.)
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Book DetailsISBN: 9780521397346
(228mm x 152mm x 15mm)
Imprint: Cambridge University Press
Publisher: Cambridge University Press
Publish Date: 26-Oct-1990
Country of Publication: United Kingdom
Books By Author Douglass C. North
Violence and Social Orders, Paperback (December 2012)
This book integrates the problem of violence into a larger framework, showing how economic and political behavior are closely linked.
In the Shadow of Violence, Hardback (November 2012)
This book explains how political control of economic privileges is used to limit violence and coordinate coalitions of powerful organizations.
Understanding the Process of Economic Change, Paperback (April 2010)
Develops a way of understanding the process by which economies change. This title explains how different societies arrive at the institutional infrastructure that determines their economic trajectories. It argues that economic change depends largely on 'adaptive efficiency'.
Institutional Change and American Economic Growth, Paperback (December 2008)» View all books by Douglass C. North
This book presents a model for examining problems of institutional change and applies it to American economic development in the nineteenth and twentieth centuries.
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