Douglass North

Douglass North
Douglass North in 1997
Born(1920-11-05)November 5, 1920
DiedNovember 23, 2015(2015-11-23) (aged 95)
EducationUniversity of California, Berkeley B.A., Ph.D.
Academic career
FieldEconomic history
InstitutionUniversity of Washington
Rice University
Cambridge University
Washington University in St. Louis
Stanford University
Hoover Institution
US Merchant Marine Academy
School or
tradition
New Institutional Economics
InfluencesMelvin M. Knight
AwardsNobel Memorial Prize in Economic Sciences (1993)
Information at IDEAS / RePEc

Douglass Cecil North (November 5, 1920 – November 23, 2015) was an American economist known for his work in economic history. Along with Robert Fogel, he received the Nobel Memorial Prize in Economic Sciences in 1993. In the words of the Nobel Committee, North and Fogel "renewed research in economic history by applying economic theory and quantitative methods in order to explain economic and institutional change."[1]

North was an influential figure in New Institutional Economics, which emphasizes the impact of institutions on economic behaviors and outcomes. North argued, "Institutions provide the incentive structure of an economy; as that structure evolves, it shapes the direction of economic change towards growth, stagnation, or decline."[2] Rational and wealth-maximizing individuals lack complete information and have difficulties monitoring and enforcing agreements. Institutions can provide information and reduce transaction costs, thus encouraging economic activity.

  1. ^ "Douglass C. North – Biography". Nobelprize.org. Nobel Media. 2014. Retrieved February 14, 2016.
  2. ^ North (1991).