Understanding the Process
of Economic Change

By Douglass C. North
Mar. 1999
Institute of Economic Affairs
ISBN: 0-255-36422-9
27 p.
$14.95 Paper Original

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Most economists believe models derived from the past can help find the right policies of the future. But if reality is constantly being challenged by policy, situations may be created with which we cannot easily cope. This book calls economic history a "depressing tale of miscalculation" and asserts we do not understand economic reality, our belief systems are imperfect and control tools are " ... very blunt instruments."

Economics
Series: Occasional Paper

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