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Institutions, Economic Growth and Development: A Conversation with Nobel Laureate Douglass North

Snowdon, B.

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Authors

B. Snowdon



Abstract

This paper is based on the transcript of an interview made by Professor Brian Snowdon with the late Douglass North, Noble Laureate who died in 2015. North was one of the most influential economists and economic historian of the second half of the twentieth century. Along with the late Angus Maddison North was a pioneer of the application of economic data to investigate key issues in economic history and was a major contributor to the growing specialist field of cliometrics. His studies led Professor North to recognise that in order to gain meaningful insights from past economic data neo-classical economic theory alone was inadequate and had to be modified to incorporate the influence of politics, the role of institutions, transaction costs and property rights. His work investigated the roots of economic development and the barriers to growth. He proposed the view that many formal political and social institutions are created not necessarily to be socially efficient, but instead to serve the interests of élites particularly those with the bargaining power to create and amend rules to suit their own interests.

Citation

Snowdon, B. (2016). Institutions, Economic Growth and Development: A Conversation with Nobel Laureate Douglass North. World economics (Henley-on-Thames. Online), 17(4), 107-152

Journal Article Type Article
Acceptance Date Dec 12, 2016
Publication Date Dec 1, 2016
Deposit Date Jan 19, 2017
Publicly Available Date Mar 29, 2024
Journal World Economics
Print ISSN 1468-1838
Electronic ISSN 1474-3884
Publisher Economic and Financial Publishing
Peer Reviewed Peer Reviewed
Volume 17
Issue 4
Pages 107-152
Public URL https://durham-repository.worktribe.com/output/1395892
Publisher URL http://www.world-economics-journal.com/ArticleDetails.details?AID=655

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