Douglass North New Framework

Douglass North New Framework - Jennifer Edwards Economic...

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Jennifer Edwards Economic History of Europe September 14, 2010 Prof. Alpert Mr. Douglas North proposes his new framework which is the new institutional economics which it entails the institution property rights, transaction cost, economic organization in history and the economic development of countries. In the chapters 4, 5 and 6 Mr. North explains about his framework and he breaks them down in details. Mr. North uses many examples to describe different sections of his framework starting with “Analyzing Economic Organization in History,’ Mr. North starts off by saying that “One must be able to measure the quantity of a good in order for it to be exclusive property and to have value in exchange. Where most measurements cost is very high, the good will be a common property resource. The technology of measurement and the history of weights and measures is a crucial par of economic history since as measurement costs were reduced the cost of transacting was reduced.” (North, 1981)
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