"Economists with a historical bent have only just begun to study institutional change and its impact on industrial organization. Douglass C. North has been the innovator here. In his work with he outlined a most useful theory of institutional change and applied it to American economic growth. In his study with Robert Paul Thomas he demonstrated how the changing industrial organization affected the rise of the west. The works of North and his colleagues use this sweeping panorama of history to test, buttress, and refine their theory. They have not yet focused on a detailed analysis of the historical development of any specific economic institution."
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Original Language: English
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Sources
Alfred D. Chandler, Jr. The Visible Hand (1977) p. 5.
https://en.wikiquote.org/wiki/Economic_growth
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Economic growth
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