Structure and Change in Economic History

Authors: Douglass Cecil North

Key Ideas

1. Economic institutions shape the behavior of individuals and groups within a society. In turn, the behavior of individuals and groups shapes economic institutions. This dynamic relationship between institutions and behavior forms the basis of economic history.

2. Economic change occurs as a result of changes in the economic environment, which can include technological advancements, shifts in political power, or changes in culture and values.

3. Economic history is not linear but follows a pattern of recurrent cycles. These cycles can include periods of growth, stagnation, or decline.

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Quiz

1. What is the role of economic institutions in shaping behavior?

They have no influence on behavior

They shape behavior but are not shaped by it

Behavior shapes institutions but institutions do not shape behavior

There is no relationship between institutions and behavior

2. What are some factors that can drive economic change?

Political instability

Cultural values

Technological advancements

All of the above

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