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Institutions, Transaction Costs and Productivity in the Long Run

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  • Douglass C. North

    (Washington University)

Abstract

The argument of this essay is that the immense productivity increases resulting from technological developments of the past century and a half could only be realized by fundamental changes in the institutional and organizational structure--a supply side argument; and that the consequent tensions induced by the resulting societal transformation have resulted (and are continuing to result) in politically-induced fundamental changes in the institutional structure to mitigate these tensions--a demand side argument. Both the supply side and demand side institutional changes have been and continue to be fundamental influences on productivity change.

Suggested Citation

  • Douglass C. North, 1993. "Institutions, Transaction Costs and Productivity in the Long Run," Economic History 9309004, EconWPA.
  • Handle: RePEc:wpa:wuwpeh:9309004
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    Cited by:

    1. repec:beo:journl:v:62:y:2017:i:215:p:53-80 is not listed on IDEAS
    2. Nikos Alabanos & Sotiris Theodoropoulos, 2016. "A key-point comparison & the new challenges for the existent Administrative Burden Models (A.B.M’s)," SPOUDAI Journal of Economics and Business, SPOUDAI Journal of Economics and Business, University of Piraeus, vol. 66(1-2), pages 32-45, January-J.
    3. repec:pai:apunup:es-34-01 is not listed on IDEAS
    4. McAllister, Ryan R.J. & Smajgl, Alex & Asafu-Adjaye, John, 2007. "Forest logging and institutional thresholds in developing south-east Asian economies: A conceptual model," Forest Policy and Economics, Elsevier, vol. 9(8), pages 1079-1089, May.
    5. repec:pai:apunup:es-37-05 is not listed on IDEAS
    6. Baccini, Leonardo, 2014. "Cheap talk: transaction costs, quality of institutions, and trade agreements," LSE Research Online Documents on Economics 44923, London School of Economics and Political Science, LSE Library.

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    JEL classification:

    • N - Economic History

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