Douglass North’s Autobiography
Finally, someone who thinks the rationality assumption in neoclassical economics is questionable. And finally, someone who realizes the importance of institutions, adaptations and beliefs as catalysts for economic growth. For something that’s supposedly so controversial (well, not exactly controversial, but many economists prefer to just pretend it doesn’t exist), it’s amazing at how intuitive North’s ideas are. Like you’ve known it, deep inside your heart, all your life. But on the other hand, they are absolutely overwhelming – how on earth do you incorporate this with modern economic thinking? How could you ever develop a working model that can account for the myriad of institutions, beliefs and integrators out there? How can you use maths (which is an integral part of neoclassical economics) for this? I’ve got no time to comment on the links, because it’s way past my bedtime – but dear God, what I wouldn’t give to be Professor North’s student!
(And the guy used to be a Marxist. There is hope for me still!)
