Understanding the Process of Economic Change (The Princeton Economic History of the Western World, 32)

This groundbreaking book by a Nobel Prize-winning economist revolutionizes our understanding of how economies change and evolve over time.

"Adaptive Efficiency" is the key to unlocking economic success, as it refers to a society's ability to create institutions that are productive, stable, fair, and broadly accepted - and flexible enough to adapt to changing circumstances.

By exploring the deeper determinants of institutional change and how intentionality emerges through social learning, this book provides a comprehensive guide to improving the performance of developing economies.

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