Understanding the Process of Economic Change

Understanding the Process of Economic Change
Author: Douglass C. North
Publisher: Princeton University Press
Total Pages: 200
Release: 2010-04-19
Genre: Business & Economics
ISBN: 1400829488

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In 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. North argues that economic change depends largely on "adaptive efficiency," a society's effectiveness in creating institutions that are productive, stable, fair, and broadly accepted--and, importantly, flexible enough to be changed or replaced in response to political and economic feedback. While adhering to his earlier definition of institutions as the formal and informal rules that constrain human economic behavior, he extends his analysis to explore the deeper determinants of how these rules evolve and how economies change. Drawing on recent work by psychologists, he identifies intentionality as the crucial variable and proceeds to demonstrate how intentionality emerges as the product of social learning and how it then shapes the economy's institutional foundations and thus its capacity to adapt to changing circumstances. Understanding the Process of Economic Change accounts not only for past institutional change but also for the diverse performance of present-day economies. This major work is therefore also an essential guide to improving the performance of developing countries.

An Evolutionary Theory of Economic Change

An Evolutionary Theory of Economic Change
Author: Richard R. Nelson
Publisher: Harvard University Press
Total Pages: 456
Release: 1985-10-15
Genre: Business & Economics
ISBN: 9780674041431

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This book contains the most sustained and serious attack on mainstream, neoclassical economics in more than forty years. Nelson and Winter focus their critique on the basic question of how firms and industries change overtime. They marshal significant objections to the fundamental neoclassical assumptions of profit maximization and market equilibrium, which they find ineffective in the analysis of technological innovation and the dynamics of competition among firms. To replace these assumptions, they borrow from biology the concept of natural selection to construct a precise and detailed evolutionary theory of business behavior. They grant that films are motivated by profit and engage in search for ways of improving profits, but they do not consider them to be profit maximizing. Likewise, they emphasize the tendency for the more profitable firms to drive the less profitable ones out of business, but they do not focus their analysis on hypothetical states of industry equilibrium. The results of their new paradigm and analytical framework are impressive. Not only have they been able to develop more coherent and powerful models of competitive firm dynamics under conditions of growth and technological change, but their approach is compatible with findings in psychology and other social sciences. Finally, their work has important implications for welfare economics and for government policy toward industry.

Explaining Long-Term Economic Change

Explaining Long-Term Economic Change
Author: J. L. Anderson
Publisher: Cambridge University Press
Total Pages: 100
Release: 1995-09-28
Genre: Business & Economics
ISBN: 9780521557849

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A concise and accessible examination of the established models used to explain long-term and large-scale economic change.

Institutions, Institutional Change and Economic Performance

Institutions, Institutional Change and Economic Performance
Author: Douglass C. North
Publisher: Cambridge University Press
Total Pages: 164
Release: 1990-10-26
Genre: Political Science
ISBN: 9780521397346

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An analytical framework for explaining the ways in which institutions and institutional change affect the performance of economies is developed in this analysis of economic structures.

Understanding Economic Change

Understanding Economic Change
Author: National Bureau of Economic Research
Publisher:
Total Pages: 129
Release: 1975
Genre: Economics
ISBN:

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Understanding Economic Change

Understanding Economic Change
Author: Ulrich Witt
Publisher: Cambridge University Press
Total Pages: 411
Release: 2018-11-29
Genre: Business & Economics
ISBN: 1107136202

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Shows how thinking in evolutionary terms enhances our understanding of the economic and social change taking place at all levels.

Structure and Change in Economic History

Structure and Change in Economic History
Author: Douglass Cecil North
Publisher: W. W. Norton
Total Pages: 228
Release: 1981
Genre: Business & Economics
ISBN: 9780393952414

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In this bold, sweeping study of the development of Western economies, Douglass C. North sets forth a new view of societal change.

Explaining Economic Backwardness

Explaining Economic Backwardness
Author: Anna Sosnowska
Publisher: Central European University Press
Total Pages: 372
Release: 2019-06-12
Genre: History
ISBN: 9637326316

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This monograph is about an exciting episode in the intellectual history of Europe: the vigorous debate among leading Polish historians on the sources of the economic development and non-development, including the origins of economic divisions within Europe. The work covers nearly fifty years of this debate between the publication of two pivotal works in 1947 and 1994. Anna Sosnowska provides an insightful interpretation of how local and generational experience shaped the notions of post-1945 Polish historians about Eastern European backwardness, and how their debate influenced Western historical sociology, social theories of development and dependency in peripheral areas, and the image of Eastern Europe in Western, Marxist-inspired social science. Although created under the adverse conditions of state socialism and censorship, this body of scholarship had an important repercussion in international social science of the post-war period, contributing an emphasis on international comparisons, as well as a stress on social theory and explanations. Sosnowska's analysis also helps to understand current differences that lead to conflicts between Europe’s richest and economically most developed core and its southern and eastern peripheries. The historians she studies also investigated analogies between paths in Eastern Europe and regions of West Africa, Latin America and East Asia.

Understanding Local Economic Development

Understanding Local Economic Development
Author: Emil Malizia
Publisher: Routledge
Total Pages: 282
Release: 2020-10-05
Genre: Science
ISBN: 1000193993

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This book offers insights into the process and the practice of local economic development. Bridging the gap between theory and practice it demonstrates the relevance of theory to inform local strategic planning in the context of widespread disparities in regional economic performance. The book summarizes the core theories of economic development, applies each of these to professional practice, and provides detailed commentary on them. This updated second edition includes more recent contributions - regional innovation, agglomeration and dynamic theories – and presents the major ideas that inform economic development strategic planning, particularly in the United States and Canada. The text offers theoretical insights that help explain why some regions thrive while others languish and why metropolitan economies often rise and fall over time. Without theory, economic developers can only do what is politically feasible. This text, however, provides them with a logical tool for thinking about development and establishing an independent basis from which to build the local consensus needed for evidence-based action undertaken in the public interest. Offering valuable perspectives on both the process and the practice of local and regional economic development, this book will be useful for both current and future economic developers to think more profoundly and confidently about their local economy.

Understanding Economic Development

Understanding Economic Development
Author: Colin White
Publisher: Edward Elgar Publishing
Total Pages: 413
Release: 2009
Genre: Business & Economics
ISBN: 1849802408

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An invaluable survey of the literature on growth. Colin White argues persuasively and expertly that any attempt to solve the profound mystery of economic growth at the large scales of world history must move beyond the limited vision of neo-classical economic theory, and incorporate the narrative methods and perspectives of history as well. This is a superb overview and critique of contemporary attempts to explain economic growth, and a perceptive re-examination of the whole issue of growth in human history. David Christian, Macquarie University, Australia Colin White transcends a number of false dichotomies in this work. He shows that we need both theory and history in order to comprehend the transition to modern economic growth. He appreciates that this transition was neither inevitable as many theorists argue nor entirely contingent as historical treatments often suggest. He argues that advice to present-day less developed countries should combine a general understanding of the process of transition with detailed analysis of the history and conditions of the country in question. He appreciates that it makes sense to speak of an Industrial Revolution while also recognizing that this was a gradual process that in turn built upon even more gradual changes in earlier centuries in the British economy. Less obviously but importantly he realizes that we can best understand economic growth if we recognize the limitations of each scholarly approach in order to integrate the best of these. Rick Szostak, University of Alberta, Canada This fascinating book considers one of the most important problems in economics: the inception of modern economic development. There is at present no satisfactory explanation of the inception of modern economic development; an excessive focus on either pure theory or on unique histories limits the explanatory power. This book realises the need to integrate the two approaches, moving beyond the proximate causes of economic theory to review the role in an analytic narrative of significant ultimate causes geography, risk environments, human capital, and institutions. Colin White distils the conclusions of a vast literature, drawing from economics, economic history and business and management, exploring economic theory, demonstrating limitations and highlighting alternative approaches. Particular attention is paid to the appropriate role of innovative entrepreneurs and of government, and three case studies illustrate how to build an analytic narrative. Showing how far we can generalise about the determinants of economic development and in particular how to understand the specific determinants in individual countries, this book will prove a stimulating and thought provoking read to academics, students and researchers with an interest in economics and economic development.