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"(*EPUB)->DOWNLOAD A Companion to Douglass North Online
Douglass North changed the way we think about economic history. He pioneered the application of quantitative techniques to the understanding of historical fluctuations (cliometrics). He also transformed the way we think about social change. Early in his career, he embraced the neoclassical paradigm, only to reject it later because of its limitations. He proposed a series of innovative concepts that enriched our understanding of the causes of economic performance through time (the title and subject of his Nobel lecture). These ideas include the importance of property rights and institutions (formal and informal), economic organization and transaction costs, mental models, culture, and ideology. These ideas and others interact in complex ways and ultimately help explain why some societies are richer than others. North fixated on long-term changes and inspired a vast literature in new institutional economics, which is now a robust and popular area of study. For his work, he was awarded
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