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Information costs are reduced by the existence of large numbers of buyers and sellers. Under these conditions, prices embody the same information that would require large search costs by individual buyers and sellers in the absence of an organized market. (footnote 4: The original contributions were those of Hayek (1937 and 1945)).
Douglass North -
I continue to be a photographer; I have enjoyed fishing and hunting with a close friend; and have owned two ranches, first in northern California and then in the state of Washington.
Douglass North
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Effective institutions raise the benefits of cooperative solutions or the costs of defection, to use game theoretic terms.
Douglass North -
I went to elementary school in Ottawa, and then to a private secondary school.
Douglass North -
Karl Marx and Adam Smith both subscribed to this view. They both saw successful growth as dependent on the development of efficient property rights. Their followers appear in the main to have forgotten this.
Douglass North -
International specialization and division of labor requires institutions and organizations to safeguard property rights across international boundaries so that capital markets as well as other kinds of exchange can take place with credible commitment on the part of the players.
Douglass North