Douglass North welcomes two economic pioneers to the Nobel P

Douglass North, 1993 recipient of the Nobel prize in economics, was surprsied and pleased
at the announcement of this year's winners. Like North, 2009's laureates, Elinor Ostrom and
Oliver Williamson have pursued a non-traditional study of economics through the study of institutions.
As one of the founders of the New Institutional Economics, North comments on the pioneering work
of this year's Nobel prize winners and the importance of a multi-discipline approach to economics.

Category:

Science & Technology

Tags:

• Nobel Prize
• Douglass C. North

[zanattalondon]

New Institutional Economics argues that the way we structure human interaction is a large part of what we want to look at it, if you look at how societies work and when you structure human interaction what you do is you create ways by which structure relationships among humans and that's institutionalism. What institutions are is a framework of structuring human interaction that will allow us to communicate, cooperate and integrate our work with people.

[goPistons06]

this is very interesting. as an economics enthusiast, i find this very refreshing considering mainstream economics