What made Douglass C. North brilliant was in part his unusual ability to see that transactions costs—barriers to exchange, broadly speaking—take many forms and can have major consequences. This vision guided much of North’s scholarship, from his early contributions to New Institutional Economics to his later work on state violence.

 PDFRead the Full Article (PDF, 4 pages)


Other Independent Review articles by Michael C. Munger
    Spring 2019   Making the Voluntaryist Venn Work for Us, Not against Us
    Spring 2019   First Freedom
    Spring 2019   Gods and Robots
[View All (35)]