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Institutions and Economic Theory

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  • Douglass C. North

Abstract

Editor’s Introduction Originally published in Volume 36, Number 1, Spring 1992, pages 3-6 . Omicron Delta Epsilon presented Douglass North (1920-2015) with the John R. Commons award in 1992 for his contributions to the economics profession. The following year he shared the Nobel Memorial Prize in Economic Sciences with Robert Fogel. The Nobel honored their work in applying economic theory and quantitative methods to the study of economic history and institutional change. As a pioneer in what has become known as cliometrics (named for the classical muse of history, Clio), Professor North’s scholarship focused on how human institutions and their organizational structures influence economic and societal outcomes. He is widely recognized as one of the founders of the New Institutional Economics school of thought. In this paper, his Commons Award lecture, Professor North describes and discusses his views on the limitations of neoclassical economics that are rooted in the assumption of instrumental rationality. His discourse on culturally influenced mental models and the limitations of our ability to process complex information presages the ongoing revolution in behavioral economics. This paper remains as timely today as it did when it first appeared in The American Economist .
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Suggested Citation

  • Douglass C. North, 1992. "Institutions and Economic Theory," The American Economist, Sage Publications, vol. 36(1), pages 3-6, March.
    • Handle: RePEc:sae:amerec:v:36:y:1992:i:1:p:3-6
    DOI: 10.1177/056943459203600101
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    Cited by:

    1. Erik E. Lehmann & Nikolaus Seitz, 2017. "Freedom and innovation: a country and state level analysis," The Journal of Technology Transfer, Springer, vol. 42(5), pages 1009-1029, October.
    2. Jan, Stephen & Pronyk, Paul & Kim, Julia, 2008. "Accounting for institutional change in health economic evaluation: A program to tackle HIV/AIDS and gender violence in Southern Africa," Social Science & Medicine, Elsevier, vol. 66(4), pages 922-932, February.
    3. John M. Cobin, 2013. "The Effectiveness of Delhi's Fire Safety Regulation Amidst Poverty, Ignorance, Corruption and Non-Compliance," Economic Affairs, Wiley Blackwell, vol. 33(3), pages 361-378, October.
    4. Roxas, Banjo & Chadee, Doren, 2013. "Effects of formal institutions on the performance of the tourism sector in the Philippines: The mediating role of entrepreneurial orientation," Tourism Management, Elsevier, vol. 37(C), pages 1-12.
    5. Gonzalo Vargas Forero, 2002. "Hacia una teoría del capital social," Revista de Economía Institucional, Universidad Externado de Colombia - Facultad de Economía, vol. 4(6), pages 71-108, January-J.
    6. Mariya Trifonova, 2019. "Renewable Energy Sector Development In Bulgaria – An Institutional Analysis," Yearbook of St Kliment Ohridski University of Sofia, Faculty of Economics and Business Administration, St Kliment Ohridski University of Sofia, Faculty of Economics and Business Administration, vol. 17(15), pages 311-333, June.
    7. Margaret Brunton, 2017. "Risking the Sustainability of the Public Health System: Ethical Conundrums and Ideologically Embedded Reform," Journal of Business Ethics, Springer, vol. 142(4), pages 719-734, June.
    8. Christopher A. Hartwell, 2017. "Understanding “Development”: Insights from Some Aspects of Complexity Theory," Homo Oeconomicus: Journal of Behavioral and Institutional Economics, Springer, vol. 34(2), pages 165-190, November.
    9. Jumanne, Bilali Basesa & Keong, Choong Chee, . "Foreign Direct Investment and Public Sector Management and Institutions: The Acquaintances in Sub-Saharan Africa (SSA) Low-Income Economies," African Journal of Economic Review, African Journal of Economic Review, vol. 5(2).
    10. Dimitris P. SKALKOS, 2018. "Studying the political economy of reforms: The Greek case, 2010-2017," Theoretical and Applied Economics, Asociatia Generala a Economistilor din Romania / Editura Economica, vol. 0(2(615), S), pages 163-186, Summer.
    11. Amankwah-Amoah, Joseph & Lu, Yindfa, 2018. "Historical Evolution of Entrepreneurial Development in the Global South: The Case of Ghana, 1957-2010," MPRA Paper 88179, University Library of Munich, Germany.
    12. Man Zhang & Qian Gao & Hyuk-Soo Cho, 2017. "The effect of sub-national institutions and international entrepreneurial capability on international performance of export-focused SMEs: Evidence from China and South Korea," Journal of International Entrepreneurship, Springer, vol. 15(1), pages 85-110, March.
    13. Marinella Favot, 2014. "Extended producer responsibility and e-waste management: do institutions matter ?," ECONOMICS AND POLICY OF ENERGY AND THE ENVIRONMENT, FrancoAngeli Editore, vol. 2014(1), pages 123-144.
    14. Dario Maimone Ansaldo Patti & Ram Mudambi & Pietro Navarra & Daniela Baglieri, 2016. "A tale of soil and seeds: the external environment and entrepreneurial entry," Small Business Economics, Springer, vol. 47(4), pages 955-980, December.
    15. Krista B. Lewellyn & Maureen I. Muller-Kahle, 2016. "The configurational effects of board monitoring and the institutional environment on CEO compensation: a country-level fuzzy-set analysis," Journal of Management & Governance, Springer;Accademia Italiana di Economia Aziendale (AIDEA), vol. 20(4), pages 729-757, December.
    16. Bartosz Stelter, 2019. "The management approach of the new institutional economics," Ekonomia i Prawo, Uniwersytet Mikolaja Kopernika, vol. 18(1), pages 73-81, March.
    17. M. Castro Campos & C. Kool & J. Muysken, 2013. "Cross-Country Private Saving Heterogeneity and Culture," De Economist, Springer, vol. 161(2), pages 101-120, June.
    18. Jacques Fontanel, 2011. "Mondialisation économique et paix mondiale," Post-Print hal-02147124, HAL.
    19. Prévost, Benoît, 2010. "Douglass North : hétérodoxie néo-institutionnelle versus néolibéralisme ?," Revue de la Régulation - Capitalisme, institutions, pouvoirs, Association Recherche et Régulation, vol. 7.
    20. Voszka, Éva, 2019. "Elvesztett illúziók - reformközgazdászok a rendszerváltásban [Lost illusions - reform economists in the years of transition]," Közgazdasági Szemle (Economic Review - monthly of the Hungarian Academy of Sciences), Közgazdasági Szemle Alapítvány (Economic Review Foundation), vol. 0(12), pages 1284-1311.

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