Douglass North – A Lasting Legacy of New Institutional Economics

Douglass C. North, a Nobel laureate famed for his groundbreaking work on “new institutional economics,” died on November 23. He was 95. North – a professor, economist, philosopher, and economic historian – was the co-recipient (with Robert Fogel) of the 1993 Nobel Prize in Economic Sciences “for having renewed research in economic history by applying […]

Coase: Are Economists Becoming Irrelevant?

Followers of this blog and the “economics of outsourcing” series know how much I admire Ronald Coase and the contributions he has made to economic thought regarding transaction costs, total costs, getting the math right and the emergence of modern outsource contracting. His groundbreaking work, stretching back to the 1930s, shed light on a new […]

Outsource Magazine — October 2012

Douglass North: institutions and success The October column in Outsource Magazine explores Nobel laureate Douglass North’s ideas on institutions, “new institutional economics,” how institutions and societies interact and how those interactions can positively or negatively impact economics as they evolve. Here’s the link: