Douglass C. North

Douglass C. North was an influential economist who studied how economic institutions and organizations influence economic growth and development. He believed that the rules, laws, and social norms—collectively called institutions—shape incentives and decision-making in societies. North argued that strong, well-defined institutions encourage investment, innovation, and efficient resource use, leading to prosperity. Conversely, weak or corrupt institutions can hinder economic progress. His work emphasizes that understanding the history and evolution of institutions is crucial for addressing economic challenges and fostering sustained growth.