Understanding Douglss North in Game-Theoretic Language

17 Pages Posted: 14 Jan 2008 Last revised: 10 Aug 2009

Abstract

This is a contribution to the Journal Symposium on Douglass North's book on Understanding the Process of Economic Change by Structural Change and Economic Dynamics. It tries to understand his dynamic theory as that of the belief-institution co-evolution process and applies contributions of recent theories of game and knowledge by Aumann and others to this understanding. It specifically identifies three different meanings of the word beliefs used by North to distinguish the roles of culture and political and economic entrepreneurs in institutional and economic change. It also suggests ways to apply the game theory to respond to his call for inter-disciplinary studies of institutional and economic change.

Keywords: Institution-Belief co-evolution, institution, belief, culture, North

JEL Classification: A12, B31, B40, B52, C70

Suggested Citation

Aoki, Masahiko, Understanding Douglss North in Game-Theoretic Language. Available at SSRN: https://ssrn.com/abstract=1083790 or http://dx.doi.org/10.2139/ssrn.1083790

Masahiko Aoki (Contact Author)

Stanford University ( email )

E314 Encina Hall
Stanford, CA 94305-6015
United States
415-723-3975 (Phone)
415-725-5702 (Fax)

HOME PAGE: http://www.stanford.edu/~aoki

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