"The Dynamics of Societal Change: A New Approach"

Professor Douglass C. North, 1993 Nobel Laureate in Economic Sciences

Economic theory is static. It deals with how an economy operates at a moment of time and that is a very inadequate and incomplete framework for understanding the process of societal change which is at the heart of all economic development. My talk will be a criticism of the use of neoclassical economic theory to make a dynamic story and a new approach to the whole process of dynamic change.