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