North, Douglass

Douglass North was an influential economist and historian who studied how institutions—like laws, governments, and social norms—shape economic performance and development. He argued that stable, well-functioning institutions reduce uncertainty and encourage investment, innovation, and growth. North’s work highlights that economic success depends not just on resources, but on the rules and organizations that govern economic activity. His insights help explain differences in wealth and development across countries and over time, emphasizing the importance of institutional design in fostering sustainable economic progress.