This paper contains the text of a lecture delivered by Nobel laureate Professor Douglass C. North in March 2003, the first in a second series of lectures in honour of Gunnar Myrdal (the first Executive Secretary of the UN Economic Commission for Europe). The lecture highlights the important role played by institutions (defined as including formal rules such as the rule of law and property rights, as well as informal constraints relating to beliefs, traditions and social norms) in promoting socio-economic development. Professor North argues that the considerable gaps in per capita income between richer and poorer countries reflect the quality of their institutions. However, in a continuously evolving world economy, there is no single strategy for institutional design to fit all countries seeking sustained economic growth and development.
- ISBN10 9211168805
- ISBN13 9789211168808
- Publish Date 16 January 2004
- Publish Status Out of Stock
- Out of Print 22 September 2016
- Publish Country US
- Imprint United Nations
- Format Hardcover
- Pages 16
- Language English