Maggs Bros.

The first book by Nobel Prize winning American economist Douglass C. North in which, ‘under the influence of Simon Kuznets, North developed an export-based growth model to argue that the expansion of one sector (cotton plantations) in the United States stimulated development in other sectors, and led to specialization and interregional trade. By relying on economic theory and quantitative analysis, this line of work contributed to the rise of cliometrics (or the New Economic History). In contrast to traditional economic historians who relied on narratives and nonqualitative analysis, cliometrics combines economic theory, quantitative methods, hypothesis testing, counterfactual analysis and traditional techniques of historical analysis to explain economic outcomes, evaluate and develop economic theories, and deepen our historical knowledge’ (New Palgrave).