A New Window Opened at Institutional Economy: Evaluation of the Institutions in the Douglass C. North Perspective

The aim of this study is to explain the judgments on the institutions of Douglass C. North, whose was awarded the Nobel Prize in 1993 for his pioneering studies in the field of "cliometrics" (the method of historical analysis through the application of quantitative methods) field while evaluating the economic and the institutional change and for his contributions to the field of the institutional economics. In the study, the concept of rules and institutions, transaction costs and property rights that change depending on the institutional structure and affect economic performance, the reasons of the institutional change and the effects of the institutional change on the economic performance will be examined with the perspective of Douglass Cecil North, who presents a different point of view to New Institutional Economics