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The Contribution of Douglass North to New Institutional Economics

Author

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  • Claude Ménard

    (CES - Centre d'économie de la Sorbonne - UP1 - Université Paris 1 Panthéon-Sorbonne - CNRS - Centre National de la Recherche Scientifique)

  • Mary M. Shirley

    (RCI - Ronald Coase Institute - Ronald Coase Institute)

Abstract

Douglass North, along with Ronald Coase, Elinor Ostrom, and Oliver Williamson, transformed the early intuitions of new institutional economics into powerful conceptual and analytical tools that spawned a robust base of empirical research. NIE arose in response to questions not well explained by standard neoclassical models, such as make or buy? Or, why rich or poor? Today NIE is a success story by many measures: four Nobel laureates in under 20 years, increasing penetration of mainstream journals, and significant impact on major policy debates from anti-trust law to development aid. This paper provides a succinct overview of North's evolving ideas about institutions and explains how North's work shaped the emerging field of new institutional economics and had a potent impact on economics and the social sciences more broadly. North provides a powerful example of how persistent and well placed confidence and hard work can productively transform the status quo. North's influence continues strong and his enthusiasm for exploring new frontiers and cooperating across artificial academic boundaries has never waned.

Suggested Citation

  • Claude Ménard & Mary M. Shirley, 2014. "The Contribution of Douglass North to New Institutional Economics," Université Paris1 Panthéon-Sorbonne (Post-Print and Working Papers) hal-01315473, HAL.
    • Handle: RePEc:hal:cesptp:hal-01315473
    DOI: 10.1017/CBO9781107300361.003
    Note: View the original document on HAL open archive server: https://hal.science/hal-01315473
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    References listed on IDEAS

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    1. Martens,Bertin & Mummert,Uwe & Murrell,Peter & Seabright,Paul, 2008. "The Institutional Economics of Foreign Aid," Cambridge Books, Cambridge University Press, number 9780521055390, September.
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    7. Mary M. Shirley, 2005. "Institutions and Development," Springer Books, in: Claude Menard & Mary M. Shirley (ed.), Handbook of New Institutional Economics, chapter 24, pages 611-638, Springer.
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    19. Whitney, William G., 1966. "Growth and Welfare in the American Past: A New Economic History. By Douglass C. North. Englewood Cliffs, N.J.: Prentice-Hall, Inc., 1966. Pp. xiv, 198. $5.95 (clothbound); $2.95 (paperback)," The Journal of Economic History, Cambridge University Press, vol. 26(3), pages 395-396, September.
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    1. Gabriela Przeslawska, 2019. "Significance of uncertainty in explaining institutional change in Douglass C. North’s approach," Ekonomia i Prawo, Uniwersytet Mikolaja Kopernika, vol. 18(3), pages 331-346, September.
    2. Claude Diebolt & Michael Haupert, 2018. "A cliometric counterfactual: what if there had been neither Fogel nor North?," Cliometrica, Springer;Cliometric Society (Association Francaise de Cliométrie), vol. 12(3), pages 407-434, September.
    3. repec:zbw:inwedp:702017 is not listed on IDEAS
    4. Martin Kniepert, 2017. "Bringing Institutions into Economics when Teaching Economics as a Minor Subject," Working Papers 702017, University of Natural Resources and Life Sciences, Vienna, Department of Economics and Social Sciences, Institute for Sustainable Economic Development.
    5. 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.
    6. Becherair, Amrane, 2014. "Institutions and Economic Growth in the MENA Countries: An Empirical Investigation by Using Panel data model," MPRA Paper 57683, University Library of Munich, Germany, revised 04 Aug 2014.
    7. 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.

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