Understanding the Process of Economic Change.
The Cato Journal › Vol. 25 Nbr. 1, January 2005
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Book Review
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Understanding the Process of Economic Change.
Understanding the Process of Economic Change Douglass C. North Princeton: Princeton University Press, 2005, 187 pp.
You may know the joke about the chemist, the physicist, and the economist in a lifeboat lost at sea with a single can of food and no way to open it. When the punch line arrives, and the economist suggests, "Assume a can opener!" the joke is on the scientific and practical pretensions of economics. And indeed, some of the "simplifying" assumptions of economic theory--such as perfect information; zero transaction and enforc...See the full content of this document
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