Douglass C. North

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Douglass C. North


Born
in Cambridge, Massachusetts, The United States
November 05, 1920

Died
November 23, 2015

Genre


Douglass Cecil North (November 5, 1920 – November 23, 2015) was an American economist known for his work in economic history. He was the co-recipient (with Robert William Fogel) of the 1993 Nobel Memorial Prize in Economic Sciences. In the words of the Nobel Committee, North and Fogel "renewed research in economic history by applying economic theory and quantitative methods in order to explain economic and institutional change." ...more

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More books by Douglass C. North…
Quotes by Douglass C. North  (?)
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“Conformity can be costly in a world of uncertainty.”
Douglass C. North, Understanding the Process of Economic Change

“The opportunities for political and economic entrepreneurs are still a mixed bag, but they overwhelmingly favor activities that promote redistributive rather than productive activity, that create monopolies rather than competitive conditions, and that restrict opportunities rather than expand them. They”
Douglass C. North, Institutions, Institutional Change and Economic Performance

“Institutions, together with the standard constraints of economic theory, determine the opportunities in a society. Organization are created to take advantage of those opportunities, and, as the organizations evolve, they alter the institutions. The resultant path of institutional change is shaped by (1) the lock-in that comes from the symbiotic relationship between institutions and the organizations that have evolved as a consequence of the incentive structure provided by those institutions and (2) the feedback process by which human beings perceive and react to changes in the opportunity set.”
Douglass C. North, Institutions, Institutional Change and Economic Performance

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