Douglass North
![Douglass North in 1997](https://upload.wikimedia.org/wikipedia/commons/2/2c/Douglass_North.jpg)
North was an influential figure in New Institutional Economics, which emphasizes the impact of institutions on economic behaviors and outcomes. North argued, "Institutions provide the incentive structure of an economy; as that structure evolves, it shapes the direction of economic change towards growth, stagnation, or decline." Rational and wealth-maximizing individuals lack complete information and have difficulties monitoring and enforcing agreements. Institutions can provide information and reduce transaction costs, thus encouraging economic activity. Provided by Wikipedia
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Published 1966
“...North, Douglass Cecil....”
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