North on One Foot?
By Bryan Caplan
Arnold intrigues me:
I’ve said before that the economics that I think gets no love is that of Douglass North, notwithstanding his Nobel Prize. One of the most interesting questions in economics is why we are so wealthy today compared to our ancestors of 200 years ago and our contemporaries in underdeveloped countries. In fact, Robert Lucas famously said that once one starts thinking about this issue, it is hard to think about anything else. And the way I see it, Douglass North has by far the most well-developed and persuasive answer.
Ayn Rand famously summarized her philosophy while standing on one foot. Arnold, would you be willing to summarize North’s “well-developed and persuasive answer” under the same constraint? Anyone else?