The blog was on a break which got longer than planned. There has been no blogging for a while and it is quite a sad post to start off with.
Prof Douglass North passed away this week. No words can do justice to the contribution made by Prof North to institutional economics. There is a collection of tributes on MR and another one at his Univ website.
I only have couple of things to add. I was once reading his interview where he said he learnt most of his economics after his PhD! Moreover, he mugged and cleared his written comprehensive exams (a set of exams in a Phd program one has to clear before writing the dissertation). But the people on his oral viva figured he knew very little about economics. They could not fail him as his written scores were really good! Sometimes inefficiency in the system…
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