O Custo da Incerteza: Uma Análise do Pensamento Novo Institucional de Douglass North

The Cost of Uncertainty: A New Institutional Thought Analysis of Douglass North

Araújo Daniel Mendonça

MPRA Paper from University Library of Munich, Germany

Abstract: The theme of economic development has always had an important role at the center of macroeconomic research, meanwhile microeconomic environment; uncertainty has its due prominence. However, few authors develop these issues jointly, although the uncertainty holds an important role in decision making of agents, and therefore the array of choices that determine the development of a country. This paper aims to examine how to establish the relationship between uncertainty and economic development, from the perspective proposed by Nobel 1993, Douglass North (05Nov1920 – 23Nov2015). Based on an analysis of the notion of uncertainty proposed by Knight in 1927, this paper advances to the contemporary notion developed by North. Then, through a breakdown of development theory proposed by North, will be discussed how the uncertainty is associated with each factor of development, aiming to demonstrate the critical role played by the control of Uncertainty in development or decline a country.

Keywords: Development; Douglass North; Uncertainty; Economic Transition (search for similar items in EconPapers)
JEL-codes: B15 B4 B52 K2 O1 O11 O17 O31 O34 O38 O43 O44 P14 Z13 (search for similar items in EconPapers)
Date: 2015-12
New Economics Papers: this item is included in nep-his and nep-hpe
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