North (Douglass North)

Douglass North was an economist who studied how societies grow and develop. He believed that institutions—like laws, property rights, and government policies—are crucial for economic progress. When institutions are stable, clear, and fair, they encourage investment and innovation. Conversely, weak or corrupt institutions can hinder growth. North also emphasized that societies need to adapt their institutions over time to meet changing economic and social needs. His work helps explain why some countries prosper while others struggle, highlighting the importance of good governance and reliable rules for sustained economic success.