Douglass North
Douglass North
Douglass Cecil Northwas an American economist known for his work in economic history. He was the co-recipientof the 1993 Nobel Memorial Prize in Economic Sciences. In the words of the Nobel Committee, North and Fogel "renewed research in economic history by applying economic theory and quantitative methods in order to explain economic and institutional change."...
NationalityAmerican
ProfessionEconomist
Date of Birth5 November 1920
CountryUnited States of America
Douglass North quotes about
conducive environment last michigan northern summers work
My wife and I now live in the summers in northern Michigan in an environment which is wonderfully conducive to research, and where most of my work in the last 15 years has been done.
successful creative competition
Conformity can be costly in a world of uncertainty which requires innovative institutional creation because no one can know the right path to survival. Over time, the richer the cultural context in terms of providing multiple experimentation and creative competition, the more likely the successful survival of the society
numbers cost information
Information costs are reduced by the existence of large numbers of buyers and sellers. Under these conditions, prices embody the same information that would require large search costs by individual buyers and sellers in the absence of an organized market.
photography school winning
While I was there I became deeply interested in photography, and indeed the most noteworthy event in my early life was winning first, third, fourth and seventh prizes in an international competition for college and high school students.
sister brother war
My brother and sister are both older than I am and were born before my father went off to World War I.