Origins & Early Life

Douglass Cecil North (November 5, 1920 – November 23, 2015) was an American economist known for his work in economic history. Along with Robert Fogel, he received the Nobel Memorial Prize in Economic Sciences in 1993. In the words of the Nobel Committee, North and Fogel "renewed research in economic history by applying economic theory and quantitative methods in order to explain economic and institutional change." North helped popularize cliometrics and was later an influential figure in New Institutional Economics, which emphasizes the impact of institutions on economic behaviors and outcomes. North argued, "Institutions provide the incentive structure of an economy; as that structure evolves, it shapes the direction of economic change towards growth, stagnation, or decline." Rational and wealth-maximizing individuals lack complete information and have difficulties monitoring and enforcing agreements.

Pivotal Works & Achievements

Institutions can provide information and reduce transaction costs, thus encouraging economic activity. Douglass North was born in Cambridge, Massachusetts, on November 5, 1920. He moved several times as a child due to his father's work at MetLife. The family...

Enduring Legacy & Impact

The historical impact and works continue to influence the modern world.

Contemporary Figures & Related Historical Timelines

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• Ahmad ibn Hanbal — Shared historical date (11-23 · Born) (780): Founding scholar of the Hanbali school, renowned for vast Hadith memorization.
• Alan Mullery — Shared historical date (11-23 · Born) (1941): Iconic English footballer and manager known for his time at Fulham and Spurs.
• 1920 Historical Timeline & Archive — Explore world events and figures from 1920
• November 5 (11-05) On This Day — Historical birthdays and events on November 5
• 2015 Historical Timeline & Archive — Explore world events and figures from 2015
• November 23 (11-23) On This Day — Historical events and memorials on November 23