Institutions, Institutional Change and Economic Performance
Douglass C. North
dets 2019 · Tantor Media Inc · Loeb: Mike Chamberlain
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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.
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Douglass C. North is corecipient of the 1993 Nobel Memorial Prize in Economic Science. He is Spencer T. Olin Professor in Arts and Sciences at Washington University in St. Louis and Bartlett Burnap Senior Fellow at the Hoover Institution at Stanford University.
Mike Chamberlain is an actor and voice-over performer, as well as an AudioFile Earphones Award-winning audiobook narrator. Along with animation and video game characters, Mike performs narration and voices promos for television. He lives with his wife and daughter in Southern California.
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