The supremacy of Parliament and the embedding of property rights in Common Law put political power in the … - Douglass North

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You are here and you are allowed to be here and therefore you are allowed to make decisions about yourself and the people in your life; rather than sort of backing up and making sure it's okay with everybody at every turn.

Douglass North

The supremacy of Parliament and the embedding of property rights in Common Law put political power in the hands of men anxious to exploit the new economic opportunities and provided the framework for a judicial system to protect and encourage productive economic activity

Economic, Framework, Law, Men, Opportunity, System

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To predict the future we would have to know today what we will learn tomorrow which will shape our future actions

Actions, Future, Ignorance, Learn, Shapes, Today

Conformity can be costly in a world of uncertainty which requires innovative institutional creation because no one can know the right path to survival. Over time, the richer the cultural context in terms of providing multiple experimentation and creative competition, the more likely the successful survival of the society

Competition, Creative, Innovative, Likely, Successful, World

The evolution of government from its medieval, Mafia-like character to that embodying modern legal institutions and instruments is a major part of the history of freedom. It is a part that tends to be obscured or ignored because of the myopic vision of many economists, who persist in modeling government as nothing more than a gigantic form of theft and income redistribution.

Character, Economists, Government, Obscured, Vision

Economists have the correct insight that economics is a theory of choice, the key to the story is the variety of options and centralised political control limits the options. The best recipe is adaptive efficiency coping with novel uncertainty in a non-ergodic world, the maintenance of institutions which enable trial & error experiment to occur, and an effective means of eliminating unsuccessful solutions

Economics, Economists, Errors, Keys, Mean, Occur

It was not until I got my first job, at the University of Washington in Seattle, and began playing chess with Don Gordon, a brilliant young theorist, that I learned economic theory.

Chess, Firsts, Jobs, Playing Chess, Theorist, Theory