What impact did Douglass North have on development economics?
North had a major impact on contemporary development thinking. His work was the single most important source of inspiration that led development agencies in the early 1990s to shift their attention from technical economic issues towards broader institutional concerns.
What is Douglas North known for?
Douglass Cecil North (November 5, 1920 – November 23, 2015) was an American economist known for his work in economic history. He was the co-recipient (with Robert William Fogel) of the 1993 Nobel Memorial Prize in Economic Sciences.
What are institutions according to Douglass North?
North wrote: Institutions are the humanly devised constraints that structure political, economic and social interaction. They consist of both informal constraints (sanctions, taboos, customs, traditions, and codes of conduct), and formal rules (constitutions, laws, property rights).
What is meant by economic performance?
Definition: Those issues dealing with the amount and value of money, wealth, debt, and investment.
Which of the following would you expect to result in faster economic growth?
Which of the following would you expect to result in faster economic growth? increasing the amount of capital available per hour worked. When an economy faces diminishing returns, the slope of the per-worker production function becomes flatter as capital per hour worked increases.
Which of the following best explains why productivity growth in the United States has been faster than in other leading industrialized nations?
Which of the following best explains why productivity growth in the United States has been faster than in other leading industrialized nations? There are fewer government regulations in the United States regarding the way firms can hire and fire workers.
What are bargaining costs?
Bargaining costs These are the costs related to coming to an agreement that is agreeable to the parties involved in drawing up a contract. Bargaining costs can either be very cheap, such as buying a newspaper, or can be very expensive, such as trading a basketball player from one team to another.
What is New Institutional Economics What are its features?
New institutional economics (NIE) is an economic perspective that attempts to extend economics by focusing on the institutions (that is to say the social and legal norms and rules) that underlie economic activity and with analysis beyond earlier institutional economics and neoclassical economics.
What are good economic institutions?
What are good institutions? When economists use this term, they mean: property rights, honest government, political stability, dependable legal system, and competitive and open markets.
What are 3 ways to measure economic performance?
The three most common ways to measure real GDP are:
- Quarterly growth at an annual rate.
- The four-quarter or “year-over-year” growth rate.
- The annual average growth rate.
What are the sources of long-run economic growth?
There are three main factors that drive economic growth: Accumulation of capital stock. Increases in labor inputs, such as workers or hours worked. Technological advancement.