Inscribed by Nobel Prize-Winning Economist Douglass C. North

  • Understanding the Process of Economic Change.

Understanding the Process of Economic Change.


Item Number: 15037

Princeton: Princeton University Press, 2005.

First edition, later printing. Octavo, original half cloth. Inscribed by Douglass C. North on the front free endpaper. Fine in a fine dust jacket.

n 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.

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