Date of Birth: November 5, 1920
Zodiac Sign: Scorpio
Date of Death: November 23, 2015
Biography
Douglass Cecil North was an influential American economist known for his pioneering work in the field of economic history. He was born on November 5, 1920, in Cambridge, Massachusetts. North graduated from the University of California, Berkeley, where he earned a Ph.D. in Economics in 1952. He served as a faculty member at several prestigious institutions, including the University of Washington and Washington University in St. Louis. North’s groundbreaking contributions to the field of economics include his work on the role of institutions in economic performance and the historical development of economies. His research emphasized how institutions—such as laws, regulations, and social norms—shape economic outcomes. This work earned him the Nobel Memorial Prize in Economic Sciences in 1993, which he shared with Robert Fogel, another prominent economic historian. North authored several influential books, including “The Rise of the Western World: A New Economic History” and “Institutions, Institutional Change and Economic Performance.” His work has had a profound impact on the understanding of economic development and has influenced numerous subsequent studies in the field.
5 Interesting Facts about Douglass North
1. Douglass North served in the U.S. Merchant Marine during World War II.
2. He was a member of the National Academy of Sciences.
3. North was one of the founding members of the International Society for New Institutional Economics.
4. He received the John R. Commons Award in 1992 for lifetime contributions to institutional economics.
5. North’s work has been cited extensively in economic literature, influencing fields beyond economics, including political science and sociology.
5 Most Interesting Quotes from Douglass North
1. “Institutions are the rules of the game in a society, or more formally, are the humanly devised constraints that shape human interaction.”
2. “Economic history is about how human beings have devised the institutional framework that has motivated and guided economic activity.”
3. “It is the institutional framework which determines the kind of skills and knowledge perceived to have the maximum pay-off.”
4. “Wealth is created by the productive use of resources, and that depends on institutions that promote efficiency.”
5. “The puzzle of economic development is why some societies are able to achieve economic growth and others are not.”
Highest Net Worth Achieved
The highest net worth achieved by Douglass North is not well-documented, as his primary contributions were academic rather than financial. However, his influence and legacy in the field of economics are invaluable.
Children
Douglass North had three sons: Douglass, Christopher, and Malcolm North.
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