IDEAS home Printed from https://ideas.repec.org/p/pra/mprapa/68592.html
   My bibliography  Save this paper

O Custo da Incerteza: Uma Análise do Pensamento Novo Institucional de Douglass North
[The Cost of Uncertainty: A New Institutional Thought Analysis of Douglass North]

Author

Listed:
  • Daniel Mendonça, Araújo

Abstract

The theme of economic development has always had an important role at the center of macroeconomic research, meanwhile microeconomic environment; uncertainty has its due prominence. However, few authors develop these issues jointly, although the uncertainty holds an important role in decision making of agents, and therefore the array of choices that determine the development of a country. This paper aims to examine how to establish the relationship between uncertainty and economic development, from the perspective proposed by Nobel 1993, Douglass North (05Nov1920 – 23Nov2015). Based on an analysis of the notion of uncertainty proposed by Knight in 1927, this paper advances to the contemporary notion developed by North. Then, through a breakdown of development theory proposed by North, will be discussed how the uncertainty is associated with each factor of development, aiming to demonstrate the critical role played by the control of Uncertainty in development or decline a country.

Suggested Citation

  • Daniel Mendonça, Araújo, 2015. "O Custo da Incerteza: Uma Análise do Pensamento Novo Institucional de Douglass North [The Cost of Uncertainty: A New Institutional Thought Analysis of Douglass North]," MPRA Paper 68592, University Library of Munich, Germany.
    • Handle: RePEc:pra:mprapa:68592
    as

    Download full text from publisher

    File URL: https://mpra.ub.uni-muenchen.de/68592/1/MPRA_paper_68592.pdf
    File Function: original version
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. Robert M. Solow, 1956. "A Contribution to the Theory of Economic Growth," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 70(1), pages 65-94.
    2. Arthur T. Denzau & Douglass C. North, 1994. "Shared Mental Models: Ideologies and Institutions," Kyklos, Wiley Blackwell, vol. 47(1), pages 3-31, February.
    3. Douglass C. North, 1991. "Institutions," Journal of Economic Perspectives, American Economic Association, vol. 5(1), pages 97-112, Winter.
    4. Douglass C. North, 2005. "Introduction to Understanding the Process of Economic Change," Introductory Chapters, in: Understanding the Process of Economic Change, Princeton University Press.
    5. North,Douglass C. & Wallis,John Joseph & Weingast,Barry R., 2013. "Violence and Social Orders," Cambridge Books, Cambridge University Press, number 9781107646995.
    6. Paul Davidson, 1991. "Is Probability Theory Relevant for Uncertainty? A Post Keynesian Perspective," Journal of Economic Perspectives, American Economic Association, vol. 5(1), pages 129-143, Winter.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Karim Khan & Sadia Sherbaz, 2020. "Entertaining Douglass North: Political Violence and Social Order," PIDE-Working Papers 2020:174, Pakistan Institute of Development Economics.
    2. Angela Ambrosino & Magda Fontana & Anna Azzurra Gigante, 2018. "Shifting Boundaries In Economics: The Institutional Cognitive Strand And The Future Of Institutional Economics," Journal of Economic Surveys, Wiley Blackwell, vol. 32(3), pages 767-791, July.
    3. Ambrosino, Angela & Fiori, Stefano, 2017. "How Can Formal Norms Change Informal Norms? Douglass North’s Approach to Ideologies and Institutional Change," Department of Economics and Statistics Cognetti de Martiis. Working Papers 201707, University of Turin.
    4. Brousseau, Eric & Garrouste, Pierre & Raynaud, Emmanuel, 2011. "Institutional changes: Alternative theories and consequences for institutional design," Journal of Economic Behavior & Organization, Elsevier, vol. 79(1-2), pages 3-19, June.
    5. Art Carden & Christopher Coyne, 2013. "The political economy of the Reconstruction Era’s race riots," Public Choice, Springer, vol. 157(1), pages 57-71, October.
    6. Yochanan Shachmurove, 2012. "Failing Institutions Are at the Core of the U.S. Financial Crisis," PIER Working Paper Archive 12-040, Penn Institute for Economic Research, Department of Economics, University of Pennsylvania.
    7. Tom Lavers, 2018. "Taking ideas seriously within political settlements analysis," Global Development Institute Working Paper Series esid-095-18, GDI, The University of Manchester.
    8. Natkhov, T. & Polishchuk, L., 2017. "Political Economy of Institutions and Development: The Importance of Being Inclusive. Reflection on "Why Nations Fail" by D. Acemoglu and J. Robinson. Part I. Institutions and Economic Devel," Journal of the New Economic Association, New Economic Association, vol. 34(2), pages 12-38.
    9. Harris,Colin & Cai,Meina & Murtazashvili,Ilia & Murtazashvili,Jennifer Brick, 2020. "The Origins and Consequences of Property Rights," Cambridge Books, Cambridge University Press, number 9781108969055.
    10. Radygin, Alexander & Simachev, Yury & Entov, Revold, 2015. "The state-owned company: “State failure” or “market failure”?1," Russian Journal of Economics, Elsevier, vol. 1(1), pages 55-80.
    11. Beckmann, Markus, 2009. "Diagnosen der Moderne: North, Luhmann und mögliche Folgerungen für das Rational-Choice-Forschungsprogramm," Discussion Papers 2009-8, Martin Luther University of Halle-Wittenberg, Chair of Economic Ethics.
    12. Peter Lloyd & Cassey Lee, 2016. "A Review of the Recent Literature on the Institutional Economics Analysis of the Long-Run Performance of Nations," Department of Economics - Working Papers Series 2019, The University of Melbourne.
    13. Andrea Asoni, 2008. "Protection Of Property Rights And Growth As Political Equilibria," Journal of Economic Surveys, Wiley Blackwell, vol. 22(5), pages 953-987, December.
    14. Joachim Ahrens & Patrick Jünemann, 2011. "Adaptive Efficiency and Pragmatic Flexibility: Characteristics of Institutional Change in Capitalism, Chinese-style," Chapters, in: Werner Pascha & Cornelia Storz & Markus Taube (ed.), Institutional Variety in East Asia, chapter 2, Edward Elgar Publishing.
    15. Andrés Rodríguez-Pose & Roberto Ganau, 2022. "Institutions and the productivity challenge for European regions," Journal of Economic Geography, Oxford University Press, vol. 22(1), pages 1-25.
    16. Masahiko Aoki, 2013. "Institutions as cognitive media between strategic interactions and individual beliefs," Chapters, in: Comparative Institutional Analysis, chapter 17, pages 298-312, Edward Elgar Publishing.
    17. Simon Hartmann & Thomas Lindner & Jakob Müllner & Jonas Puck, 2022. "Beyond the nation-state: Anchoring supranational institutions in international business research," Journal of International Business Studies, Palgrave Macmillan;Academy of International Business, vol. 53(6), pages 1282-1306, August.
    18. Aparicio, Sebastian & Urbano, David & Audretsch, David, 2016. "Institutional factors, opportunity entrepreneurship and economic growth: Panel data evidence," Technological Forecasting and Social Change, Elsevier, vol. 102(C), pages 45-61.
    19. Kozenkow, Judit, 2011. "Merre tart az új intézményi közgazdaságtan?. Összefoglaló a Douglass C. North tiszteletére St. Louisban 2010. november 4. és 6. között rendezett konferenciáról [Whither the new institutional econom," Közgazdasági Szemle (Economic Review - monthly of the Hungarian Academy of Sciences), Közgazdasági Szemle Alapítvány (Economic Review Foundation), vol. 0(2), pages 190-194.
    20. didier chabaud & Parthenay Claude & Yannick Perez, 2005. "Environnement institutionnel et trajectoire des entreprises : une analyse northienne de l’industrie électrique," Post-Print hal-04297605, HAL.

    More about this item

    Keywords

    Development; Douglass North; Uncertainty; Economic Transition;
    All these keywords.

    JEL classification:

    • B15 - Schools of Economic Thought and Methodology - - History of Economic Thought through 1925 - - - Historical; Institutional; Evolutionary
    • B4 - Schools of Economic Thought and Methodology - - Economic Methodology
    • B52 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - Historical; Institutional; Evolutionary; Modern Monetary Theory;
    • K2 - Law and Economics - - Regulation and Business Law
    • O1 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development
    • O11 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Macroeconomic Analyses of Economic Development
    • O17 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Formal and Informal Sectors; Shadow Economy; Institutional Arrangements
    • O31 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Innovation and Invention: Processes and Incentives
    • O34 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Intellectual Property and Intellectual Capital
    • O38 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Government Policy
    • O43 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - Institutions and Growth
    • O44 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - Environment and Growth
    • P14 - Political Economy and Comparative Economic Systems - - Capitalist Economies - - - Property Rights
    • Z13 - Other Special Topics - - Cultural Economics - - - Economic Sociology; Economic Anthropology; Language; Social and Economic Stratification

    NEP fields

    This paper has been announced in the following NEP Reports:

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:pra:mprapa:68592. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Joachim Winter (email available below). General contact details of provider: https://edirc.repec.org/data/vfmunde.html .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.