focus. It emerged from the influences mainly from the criticism of theory of economic policy, political business cycle … research, public choice theory and new institutional economics. Due to its ample nature, different economists have different …

analytical developments in pursuing a Grand Theory for why some countries are rich and others poor. Design … limitations of neoclassical economic theory to explain economic growth and social change. Incorporating transaction costs, the … explaining economic performance. Originality/value In the early 1970s, North adopted a naive theory of institutions and property …