Douglas North

Douglas North was an influential American economist known for his work in economic history and institutional economics. He emphasized the importance of institutions—such as laws, regulations, and norms—in shaping economic performance and development. North argued that well-functioning institutions foster economic growth by reducing uncertainty and promoting cooperation. He received the Nobel Prize in Economic Sciences in 1993 for his research on how institutions evolve and impact economic outcomes over time. His insights help explain why some countries prosper while others struggle, highlighting the critical role of governance and social frameworks in economic success.