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Author: Douglass C. North
Publisher: Princeton University Press
ISBN: 0691145954
Category : Business & Economics
Languages : en
Pages : 200
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Book Description
In this landmark work, a Nobel Prize-winning economist develops a new way of understanding the process by which economies change. Douglass North inspired a revolution in economic history a generation ago by demonstrating that economic performance is determined largely by the kind and quality of institutions that support markets. As he showed in two now classic books that inspired the New Institutional Economics (today a subfield of economics), property rights and transaction costs are fundamental determinants. Here, 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 society's effectiveness in creating institutions that are productive, stable, fair, and broadly accepted--and, 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 formal and informal rules that constrain human economic behavior, he extends his analysis to explore the deeper determinants of how these rules evolve and how economies change. Drawing on recent work by psychologists, he identifies intentionality as the crucial variable and proceeds to demonstrate how intentionality emerges as the product of social learning and how it then shapes the economy's institutional foundations and thus its capacity to adapt to changing circumstances. Understanding the Process of Economic Change accounts not only for past institutional change but also for the diverse performance of present-day economies. This major work is therefore also an essential guide to improving the performance of developing countries.
Author: Douglass C. North
Publisher: Princeton University Press
ISBN: 0691145954
Category : Business & Economics
Languages : en
Pages : 200
Get Book Here
Book Description
In this landmark work, a Nobel Prize-winning economist develops a new way of understanding the process by which economies change. Douglass North inspired a revolution in economic history a generation ago by demonstrating that economic performance is determined largely by the kind and quality of institutions that support markets. As he showed in two now classic books that inspired the New Institutional Economics (today a subfield of economics), property rights and transaction costs are fundamental determinants. Here, 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 society's effectiveness in creating institutions that are productive, stable, fair, and broadly accepted--and, 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 formal and informal rules that constrain human economic behavior, he extends his analysis to explore the deeper determinants of how these rules evolve and how economies change. Drawing on recent work by psychologists, he identifies intentionality as the crucial variable and proceeds to demonstrate how intentionality emerges as the product of social learning and how it then shapes the economy's institutional foundations and thus its capacity to adapt to changing circumstances. Understanding the Process of Economic Change accounts not only for past institutional change but also for the diverse performance of present-day economies. This major work is therefore also an essential guide to improving the performance of developing countries.
Author: Richard R. Nelson
Publisher: Harvard University Press
ISBN: 9780674041431
Category : Business & Economics
Languages : en
Pages : 456
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Book Description
This book contains the most sustained and serious attack on mainstream, neoclassical economics in more than forty years. Nelson and Winter focus their critique on the basic question of how firms and industries change overtime. They marshal significant objections to the fundamental neoclassical assumptions of profit maximization and market equilibrium, which they find ineffective in the analysis of technological innovation and the dynamics of competition among firms. To replace these assumptions, they borrow from biology the concept of natural selection to construct a precise and detailed evolutionary theory of business behavior. They grant that films are motivated by profit and engage in search for ways of improving profits, but they do not consider them to be profit maximizing. Likewise, they emphasize the tendency for the more profitable firms to drive the less profitable ones out of business, but they do not focus their analysis on hypothetical states of industry equilibrium. The results of their new paradigm and analytical framework are impressive. Not only have they been able to develop more coherent and powerful models of competitive firm dynamics under conditions of growth and technological change, but their approach is compatible with findings in psychology and other social sciences. Finally, their work has important implications for welfare economics and for government policy toward industry.
Author: Douglass Cecil North
Publisher: W. W. Norton
ISBN: 9780393952414
Category : Business & Economics
Languages : en
Pages : 228
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Book Description
In this bold, sweeping study of the development of Western economies, Douglass C. North sets forth a new view of societal change.
Author: Ulrich Witt
Publisher: Cambridge University Press
ISBN: 1107136202
Category : Business & Economics
Languages : en
Pages : 411
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Book Description
Shows how thinking in evolutionary terms enhances our understanding of the economic and social change taking place at all levels.
Author: Douglass C. North
Publisher: Cambridge University Press
ISBN: 9780521397346
Category : Political Science
Languages : en
Pages : 164
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Book Description
An analytical framework for explaining the ways in which institutions and institutional change affect the performance of economies is developed in this analysis of economic structures.
Author: Todd A. Knoop
Publisher: Edward Elgar Publishing
ISBN: 1788971604
Category : Business & Economics
Languages : en
Pages : 263
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Book Description
In Understanding Economic Inequality, the author brings an economist’s perspective informed by new, groundbreaking research on inequality from philosophy, sociology, psychology, and political science and presents it in a form that it is accessible to those who want to understand our world, our society, our politics, our paychecks, and our neighbors’ paychecks better.
Author: Robert K. Schaeffer
Publisher: Rowman & Littlefield
ISBN: 9780742541665
Category : Business & Economics
Languages : en
Pages : 356
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Book Description
This best-selling book examines the political, economic, and environmental changes that affect people's lives in the United States and around the world. It uses a narrative approach to explain the origins of debt crisis, democratization, global warming and explains how these global developments affect people across the globe. Globalization does not have uniform consequences, the author argues, but instead has different meanings for people in diverse social and economic settings. This new edition features an explanation for the rise of China as a global economic power and a special section on the origins of 911, examining developments in the Middle East, from India to Israel, since 1947-48. It concludes with an analysis of the 'collateral damage' associated with the attacks of September 11, 2001: invasions of Afghanistan and Iraq, the war on terror, and economic recession.
Author: Gareth Dale
Publisher: Polity
ISBN: 0745640710
Category : Business & Economics
Languages : en
Pages : 320
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Book Description
Karl Polanyi’s The Great Transformation is generally acclaimed as being among the most influential works of economic history in the twentieth century, and remains as vital in the current historical conjuncture as it was in his own. In its critique of nineteenth-century ‘market fundamentalism’ it reads as a warning to our own neoliberal age, and is widely touted as a prophetic guidebook for those who aspire to understand the causes and dynamics of global economic turbulence at the end of the 2000s. Karl Polanyi: The Limits of the Market is the first comprehensive introduction to Polanyi’s ideas and legacy. It assesses not only the texts for which he is famous – prepared during his spells in American academia – but also his journalistic articles written in his first exile in Vienna, and lectures and pamphlets from his second exile, in Britain. It provides a detailed critical analysis of The Great Transformation, but also surveys Polanyi’s seminal writings in economic anthropology, the economic history of ancient and archaic societies, and political and economic theory. Its primary source base includes interviews with Polanyi’s daughter, Kari Polanyi-Levitt, as well as the entire compass of his own published and unpublished writings in English and German. This engaging and accessible introduction to Polanyi’s thinking will appeal to students and scholars across the social sciences, providing a refreshing perspective on the roots of our current economic crisis.
Author: Dora L. Costa
Publisher: University of Chicago Press
ISBN: 0226116344
Category : Business & Economics
Languages : en
Pages : 400
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Book Description
The conditions for sustainable growth and development are among the most debated topics in economics, and the consensus is that institutions matter greatly in explaining why some economies are more successful than others over time. This book explores the relationship between economic conditions, growth, and inequality.
Author: Sumner La Croix
Publisher: University of Chicago Press
ISBN: 022659212X
Category : History
Languages : en
Pages : 405
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Book Description
Relative to the other habited places on our planet, Hawai‘i has a very short history. The Hawaiian archipelago was the last major land area on the planet to be settled, with Polynesians making the long voyage just under a millennium ago. Our understanding of the social, political, and economic changes that have unfolded since has been limited until recently by how little we knew about the first five centuries of settlement. Building on new archaeological and historical research, Sumner La Croix assembles here the economic history of Hawai‘i from the first Polynesian settlements in 1200 through US colonization, the formation of statehood, and to the present day. He shows how the political and economic institutions that emerged and evolved in Hawai‘i during its three centuries of global isolation allowed an economically and culturally rich society to emerge, flourish, and ultimately survive annexation and colonization by the United States. The story of a small, open economy struggling to adapt its institutions to changes in the global economy, Hawai‘i offers broadly instructive conclusions about economic evolution and development, political institutions, and native Hawaiian rights.
