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Institutions, Transaction Costs and Productivity in the Long Run

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Type: Working Paper
Author: North, Douglass C.
Date: 1993
Series: Economic History, no. 9309004
URI: https://hdl.handle.net/10535/4567
Sector: Theory
Subject(s): institutions
transaction costs
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."

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