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Book part
Publication date: 11 August 2020

Phil Mullan

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Beyond Confrontation: Globalists, Nationalists and Their Discontents
Type: Book
ISBN: 978-1-83982-560-6

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Book part
Publication date: 30 May 2024

Jacqueline Stevenson and Sally Baker

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Refugees in Higher Education
Type: Book
ISBN: 978-1-83797-975-2

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Article
Publication date: 1 February 2016

24

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Personnel Review, vol. 45 no. 1
Type: Research Article
ISSN: 0048-3486

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Book part
Publication date: 20 June 2008

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International Business Scholarship: AIB Fellows on the First 50 Years and Beyond
Type: Book
ISBN: 978-0-7623-1470-6

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Book part
Publication date: 3 June 2008

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Advances in Library Administration and Organization
Type: Book
ISBN: 978-0-7623-1488-1

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Article
Publication date: 6 February 2017

319

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Personnel Review, vol. 46 no. 1
Type: Research Article
ISSN: 0048-3486

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Article
Publication date: 13 March 2024

Keanu Telles

The paper provides a detailed historical account of Douglass C. North's early intellectual contributions and analytical developments in pursuing a Grand Theory for why some…

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Abstract

Purpose

The paper provides a detailed historical account of Douglass C. North's early intellectual contributions and analytical developments in pursuing a Grand Theory for why some countries are rich and others poor.

Design/methodology/approach

The author approaches the discussion using a theoretical and historical reconstruction based on published and unpublished materials.

Findings

The systematic, continuous and profound attempt to answer the Smithian social coordination problem shaped North's journey from being a young serious Marxist to becoming one of the founders of New Institutional Economics. In the process, he was converted in the early 1950s into a rigid neoclassical economist, being one of the leaders in promoting New Economic History. The success of the cliometric revolution exposed the frailties of the movement itself, namely, the limitations of neoclassical economic theory to explain economic growth and social change. Incorporating transaction costs, the institutional framework in which property rights and contracts are measured, defined and enforced assumes a prominent role in explaining economic performance.

Originality/value

In the early 1970s, North adopted a naive theory of institutions and property rights still grounded in neoclassical assumptions. Institutional and organizational analysis is modeled as a social maximizing efficient equilibrium outcome. However, the increasing tension between the neoclassical theoretical apparatus and its failure to account for contrasting political and institutional structures, diverging economic paths and social change propelled the modification of its assumptions and progressive conceptual innovation. In the later 1970s and early 1980s, North abandoned the efficiency view and gradually became more critical of the objective rationality postulate. In this intellectual movement, North's avant-garde research program contributed significantly to the creation of New Institutional Economics.

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