9780521397346-0521397340-Institutions, Institutional Change and Economic Performance (Political Economy of Institutions and Decisions)

Institutions, Institutional Change and Economic Performance (Political Economy of Institutions and Decisions)

ISBN-13: 9780521397346
ISBN-10: 0521397340
Edition: 59262nd
Author: Douglass C. North
Publication date: 1990
Publisher: Cambridge University Press
Format: Paperback 159 pages
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Book details

ISBN-13: 9780521397346
ISBN-10: 0521397340
Edition: 59262nd
Author: Douglass C. North
Publication date: 1990
Publisher: Cambridge University Press
Format: Paperback 159 pages

Summary

Institutions, Institutional Change and Economic Performance (Political Economy of Institutions and Decisions) (ISBN-13: 9780521397346 and ISBN-10: 0521397340), written by authors Douglass C. North, was published by Cambridge University Press in 1990. With an overall rating of 3.8 stars, it's a notable title among other Economic History (Economics, Negotiating, Business Skills) books. You can easily purchase or rent Institutions, Institutional Change and Economic Performance (Political Economy of Institutions and Decisions) (Paperback) from BooksRun, along with many other new and used Economic History books and textbooks. And, if you're looking to sell your copy, our current buyback offer is $0.41.

Description

Continuing 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 organizations 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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