Douglass C. North
Born: 5 November 1920, Cambridge, MA, USA
Affiliation at the time of the award: Washington University, St. Louis, MO, USA
Prize motivation: "for having renewed research in economic history by applying economic theory and quantitative methods in order to explain economic and institutional change"
Field: economic history
Contribution: Shed new light on the economic development in Europe and the United States before and in connection with the industrial revolution. He emphasized the role of property rights and institutions.
Prize share: 1/2