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Institutions, Institutional Change and Economic Performance
Written by Douglass C. North
Narrated by Mike Chamberlain
Rating: 3.5 out of 5 stars
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About this audiobook
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.Institutions exist 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.
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.
LanguageEnglish
PublisherTantor Media, Inc
Release dateDec 19, 2019
ISBN9781515945246
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Reviews for Institutions, Institutional Change and Economic Performance
Rating: 3.57499995 out of 5 stars
3.5/5
20 ratings2 reviews
- Rating: 5 out of 5 stars5/5
Oct 4, 2023
Very insightful and thought provoking scholarly work on institutional theory. - Rating: 2 out of 5 stars2/5
May 9, 2015
North's work is of the utmost importance for Political Science students, particularly those in Global Politics and Comparative Politics. Though dense, North offers discussion on institutional change that all PoliSci students will be required to know and intrinsically understand.