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The second part of the book deals with institutional change. Institutions create the incentive structure in an economy, and organisations will be created to take advantage of the opportunities provided within a given institutional framework. North argues that the kinds of skills and knowledge fostered by the structure of an economy will shape the direction of change and gradually alter the institutional framework. He then explains how institutional development may lead to a path-dependent pattern of development. In the final part of the book, North explains the implications of this analysis for economic theory and economic history. He indicates how institutional analysis must be incorporated into neo-classical theory and explores the potential for the construction of a dynamic theory of long-term economic change. Douglass C. North is Director of the Center of Political Economy and Professor of Economics and History at Washington University in St. Louis. 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Structure and Change in Economic History is a work that will reshape many established explanations of the growth of the west.","brand":"WoB","offers":[{"title":"US \/ GOOD \/ SBYB","offer_id":49873030545681,"sku":"CIN039395241XG","price":0.0,"currency_code":"GBP","in_stock":false},{"title":"US \/ WELL_READ \/ SBYB","offer_id":50483333234961,"sku":"CIN039395241XA","price":0.0,"currency_code":"GBP","in_stock":true},{"title":"GB \/ VERY_GOOD \/ INTERNAL","offer_id":50660475502865,"sku":"GOR007839336","price":0.0,"currency_code":"GBP","in_stock":false},{"title":"US \/ VERY_GOOD \/ SBYB","offer_id":50714769785105,"sku":"CIN039395241XVG","price":0.0,"currency_code":"GBP","in_stock":false}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0784\/4072\/6801\/files\/039395241X.jpg?v=1776161291"},{"product_id":"growth-and-welfare-in-the-american-past-book-douglass-c-north-9780133661613","title":"Growth and Welfare in the American Past","description":null,"brand":"WoB","offers":[{"title":"US \/ GOOD \/ SBYB","offer_id":50344999780625,"sku":"CIN013366161XG","price":0.0,"currency_code":"GBP","in_stock":true},{"title":"US \/ WELL_READ \/ SBYB","offer_id":51855399223569,"sku":"CIN013366161XA","price":0.0,"currency_code":"GBP","in_stock":true}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0784\/4072\/6801\/files\/013366161X.jpg?v=1750972765"},{"product_id":"rise-of-the-western-world-book-douglass-c-north-9780521290999","title":"The Rise of the Western World","description":"First published in 1973, this is a radical interpretation, offering a unified explanation for the growth of Western Europe between 900 A. 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