Institutions, Institutional Change and Economic Performance

ISBN-10: 0521397340
ISBN-13: 9780521397346
Edition: 1990
List price: $27.99 Buy it from $13.91
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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  More...

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Book details

List price: $27.99
Copyright year: 1990
Publisher: Cambridge University Press
Publication date: 10/26/1990
Binding: Paperback
Pages: 159
Size: 6.00" wide x 9.00" long x 0.50" tall
Weight: 0.836
Language: English

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.)

Institutions
An introduction to institutions and institutional change
Cooperation: the theoretical problem
The behavioural assumptions in a theory of institutions
A transaction cost theory of exchange
Informal constraints
Formal constraints
Enforcement
Institutions and transaction and transformation costs
Institutional Change
Organizations, learning, and institutional change
Stability and institutional change
The path of institutional change
Economic Performance
Institutions, economic theory, and economic performance
Stablity and change in economic history
Incorporating institutional analysis into economic history: prospects and puzzles

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