Douglass North

Douglass North was an influential American economist and Nobel laureate known for his work on the role of institutions in economic history. He argued that economic performance is shaped by the rules and organizations surrounding markets, like laws and political structures. By studying how these institutions evolve over time, North showed how they can facilitate or hinder economic development. His research highlighted the importance of understanding historical context and the incentives that drive human behavior in shaping economies. Ultimately, his insights helped link economics with history, providing a deeper understanding of economic growth and change.