Structure and Change in Economic History

Douglass C. North's Structure and Change in Economic History (1981) applies economic theory and statistical methods to history, a field known as cliometrics. North argued that technical innovation alone doesn't drive economic growth. Instead, he emphasized the crucial role of institutions, such as secure property rights, in fostering market economies. The work explores how these formal and informal rules shape economic development and change over time, suggesting that historical choices can lead to path dependence, where development follows a specific trajectory.1234