Understanding the Process of Economic Change

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economics ¦ economic history IN THIS LANDMARK WORK, Nobel Prize-winning economist Douglass North develops a new way of understanding the process by which economies change. North inspired a revolution in economic history a generation ago with his now-classic books Structure and Change in Economic History and The Rise of the Western World. In Understanding the Process of Economic Change, North explains how different societies arrive at the institutional infrastructure that greatly determines their economic trajectories. North argues that economic change depends largely on "adaptive efficiency," a societys ability to create institutions that are productive, stable, fair, broadly accepted, and-most importantly- flexible enough to be changed or replaced in response to political and economic feedback. While adhering to his earlier definition of institutions as the formai and informál rules that constrain humán economic behavior, North extends his analysis to explore the deeper... Tovább

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economics ¦ economic history IN THIS LANDMARK WORK, Nobel Prize-winning economist Douglass North develops a new way of understanding the process by which economies change. North inspired a revolution in economic history a generation ago with his now-classic books Structure and Change in Economic History and The Rise of the Western World. In Understanding the Process of Economic Change, North explains how different societies arrive at the institutional infrastructure that greatly determines their economic trajectories. North argues that economic change depends largely on "adaptive efficiency," a societys ability to create institutions that are productive, stable, fair, broadly accepted, and-most importantly- flexible enough to be changed or replaced in response to political and economic feedback. While adhering to his earlier definition of institutions as the formai and informál rules that constrain humán economic behavior, North extends his analysis to explore the deeper determinants of economic change. Understanding the Process of Economic Change is an essential guide to improving the performance of developing countries. "Anyone with an interest in world poverty can benefit from this carefully crafted and closely argued book. It is a pleasure and a delight to read." -Paul Ormerod, Times Higher Education "[North] sets forth a radical reconceptualization of the task and methods of the social sciences in generál and economics in particular, providing a glimpse at an economics that refuses to assume a can opener.'" -Will Wilkinson, Cato Journal "[This book] provides a sweeping view of the relationships among humán belief systems, social institutions, and what [North] calls 'the adaptive efficiency' of societies in coping with changes in demographics, technology, and other factors." -Richárd N. Cooper, Foreign Affairs "A courageous attempt to enlarge the arsenal of theoretical tools available for economists." -Diego Rios, Journal of Evolutionary Economics DOUGLASS 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. The Princeton Economic History of the Western World Joel Mokyr, Series Editor Vissza