Growth and Welfare in the American Past: A New Economic History

by Douglass C. North

Douglas C North is a Nobel winning economist and a fellow of the Hoover Institute at Stanford University. His economic history of the United States takes a unique slant on the country’s development. While acknowledging the idea that America was in part transformed by a combination of dirt farmers, slave labor and greed, North’s theory is that the government investment made the difference. In North’s opinion, the development of the highway infrastructure, the electric grid, water management and agricultural research has had more effect on the development of the country any of the myths and legends that Hollywood could devise. While not the latest version of this idea, it is the first and is still very valid.

Genres: Economics

207 pages, Paperback

First published January 1, 1973

About the author

Douglass Cecil North (November 5, 1920 – November 23, 2015) was an American economist known for his work in economic history. He was the co-recipient (with Robert William Fogel) of the 1993 Nobel Memorial Prize in Economic Sciences. In the words of the Nobel Committee, North and Fogel "renewed research in economic history by applying economic theory and quantitative methods in order to explain economic and institutional change."

Reviews

[Lance Cahill · Rating 4 out of 5]

Great exploration of economic history. Especially noteworthy were chapters over differential development of North and South industry prior to the Civil War and analysis of "Agrarian Discontent" from the 1870s to 1900s. Chapter on the New Deal was a little skimpy.