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Home » Economic » Economic History

Structure & Change in Economic History

Source: falcon.arts.cornell.edu
Topic: Economic History

Sort Desciption: Structure & Change in Economic History. North deploys neoclassical microeconomics approach to explain the structure and. nature of political and economic ...

Content Inside: 1 Gaurav Kampani Summary D. North Structure & Change in Economic History North deploys neoclassical microeconomics approach to explain the structure and nature of political and economic institutions in society; and growth stability and long-term change. Follows it up with history of second economic revolution. Critical of classical and Marxist approaches and fills in gaps in the neoclassical model which focuses on market and prices to the exclusion of organizations socio-political institutions and ideologies. Argues that changes in demography capital stock and institutions key to understanding evolutionary change in society. However demographic theories of change problematic. Focuses on market instrumentalities other endowment factors such as capital stock and institutions state and property rights to explain change. Role of State o Contract vs. coercive theory of state o States retain competitive advantage in violence and coercion o Define and enforce property rights o Balance tension between extraction of maximum revenue and reduction of transaction costs that maximize productivity and income generation in society; but usually favor maximization of revenue and favor inefficient economic organizations. o Change in states during first economic revolution occurred because of: Changes in military technology Requirements of rulers for more elaborate militaries that required them to trade power for greater tax revenues o Changes during second economic revolution occurred due to: Changes in economy stemming from better enforcement of property rights changes in knowledge stock increases in capital stock which led to structural economic changes movement away from land and agriculture to production of goods and services. Creation of new interest groups that fought for control over state which resulted in the current pluralist disposition of democratic states and societies in the West. Role of Economic Organizations Neoclassical approach focuses on ...

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