What made Douglass C. North brilliant was in part his unusual ability to see that transactions costs—barriers to exchange, broadly speaking—take many forms and can have major consequences. This vision guided much of North’s scholarship, from his early contributions to New Institutional Economics to his later work on state violence.
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Michael C. Munger is Senior Fellow and former co-editor of The Independent Review at the Independent Institute, and Professor of Political Science, Economics and Public Policy and Director of the Philosophy, Politics, and Economics Program at Duke University.
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