Article

What is Missing from Political Economy

Douglass C. North

in The Oxford Handbook of Political Economy

Published in print June 2008 | ISBN: 9780199548477
Published online September 2009 | | DOI: http://dx.doi.org/10.1093/oxfordhb/9780199548477.003.0057

Series: Oxford Handbooks of Political Science

 What is Missing from Political Economy

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This article discusses what is missing from the literature on political economy. The first section discusses the need for a dynamic theory, which is illustrated in three examples provided in the latter portion of the article. It then examines the centrality of beliefs and argues that the failure to understand some fundamental questions reflects that social science fails to have a truly dynamic theory that considers the non-ergodic nature of the world.

Keywords: literature; political economy; dynamic theory; centrality; beliefs; social science; non-ergodic nature

Article.  2629 words. 

Subjects: Politics ; Political Economy ; Political Institutions

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