How Long to Read Understanding the Process of Economic Change

How Long Does it Take to Read Understanding the Process of Economic Change?

It takes the average reader 3 hours and 12 minutes to read Understanding the Process of Economic Change by Douglass Cecil North

Assuming a reading speed of 250 words per minute. Learn more

Description

In this landmark work, a Nobel Prize-winning economist develops a new way of understanding the process by which economies change. Douglass North inspired a revolution in economic history a generation ago by demonstrating that economic performance is determined largely by the kind and quality of institutions that support markets. As he showed in two now classic books that inspired the New Institutional Economics (today a subfield of economics), property rights and transaction costs are fundamental determinants. Here, North explains how different societies arrive at the institutional infrastructure that greatly determines their economic trajectories. North argues that economic change depends largely on "adaptive efficiency," a society's effectiveness in creating institutions that are productive, stable, fair, and broadly accepted--and, importantly, flexible enough to be changed or replaced in response to political and economic feedback. While adhering to his earlier definition of institutions as the formal and informal rules that constrain human economic behavior, he extends his analysis to explore the deeper determinants of how these rules evolve and how economies change. Drawing on recent work by psychologists, he identifies intentionality as the crucial variable and proceeds to demonstrate how intentionality emerges as the product of social learning and how it then shapes the economy's institutional foundations and thus its capacity to adapt to changing circumstances. Understanding the Process of Economic Change accounts not only for past institutional change but also for the diverse performance of present-day economies. This major work is therefore also an essential guide to improving the performance of developing countries.

How long is Understanding the Process of Economic Change?

Understanding the Process of Economic Change by Douglass Cecil North is 187 pages long, and a total of 48,059 words.

This makes it 63% the length of the average book. It also has 59% more words than the average book.

How Long Does it Take to Read Understanding the Process of Economic Change Aloud?

The average oral reading speed is 183 words per minute. This means it takes 4 hours and 22 minutes to read Understanding the Process of Economic Change aloud.

What Reading Level is Understanding the Process of Economic Change?

Understanding the Process of Economic Change is suitable for students ages 10 and up.

Note that there may be other factors that effect this rating besides length that are not factored in on this page. This may include things like complex language or sensitive topics not suitable for students of certain ages.

When deciding what to show young students always use your best judgement and consult a professional.

Where Can I Buy Understanding the Process of Economic Change?

Understanding the Process of Economic Change by Douglass Cecil North is sold by several retailers and bookshops. However, Read Time works with Amazon to provide an easier way to purchase books.

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