The development of a political-economic framework to explore long-run institutional change occupied me during all of the 1980s and led to the publication of Institutions, Institutional Change and Economic Performance in 1990.
Douglass NorthAbout author
- Author's profession: Economist
- Nationality: american
- Born: November 5, 1920
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I can imagine no greater catastrophe than if I were mistaken, and the theory were correct that what I consider secondary instincts or drives are actually primary instincts! Because in that case the emotional plague would rest upon the support of a natural law while its archenemies, truth and sociality, would be relying upon unfounded ethics. Until now both lies and truth have taken recourse to ethics. But only lies have profited because they were able to appear under the guise of truth. Under...
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Economics is the art of allocating scarce goods among competing demands. The conceit of Marxism was the thought that in Communism, economics would be "abolished"; this was why one did not have to think about the questions of relative privilege and social justice. But the point is that we still have to think about economics, and probably always will. The question, then, is whether we can arrive at a set of normative rules which seek to protect liberty, reward achievement and enhance the social...
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