Douglas C. North

Douglas C. North was an influential American economist known for his work on economic history and institutional economics. He studied how the structures, rules, and organizations—called institutions—shape economic performance and growth over time. North argued that well-designed institutions reduce uncertainty, protect property rights, and foster innovation and investment. His research helps explain why some societies prosper while others struggle, emphasizing that economic development depends not only on technology but also on the institutions that support economic activity. His insights have significantly advanced understanding of long-term economic change and the importance of governance.