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The paper provides a detailed historical account of Douglass C. North's early intellectual contributions and analytical developments in pursuing a Grand Theory for why some countries are rich and others poor.

The author approaches the discussion using a theoretical and historical reconstruction based on published and unpublished materials.

The systematic, continuous and profound attempt to answer the Smithian social coordination problem shaped North's journey from being a young serious Marxist to becoming one of the founders of New Institutional Economics. In the process, he was converted in the early 1950s into a rigid neoclassical economist, being one of the leaders in promoting New Economic History. The success of the cliometric revolution exposed the frailties of the movement itself, namely, the limitations of neoclassical economic theory to explain economic growth and social change. Incorporating transaction costs, the institutional framework in which property rights and contracts are measured, defined and enforced assumes a prominent role in explaining economic performance.

In the early 1970s, North adopted a naive theory of institutions and property rights still grounded in neoclassical assumptions. Institutional and organizational analysis is modeled as a social maximizing efficient equilibrium outcome. However, the increasing tension between the neoclassical theoretical apparatus and its failure to account for contrasting political and institutional structures, diverging economic paths and social change propelled the modification of its assumptions and progressive conceptual innovation. In the later 1970s and early 1980s, North abandoned the efficiency view and gradually became more critical of the objective rationality postulate. In this intellectual movement, North's avant-garde research program contributed significantly to the creation of New Institutional Economics.

A wide gap exists between the innovation and development of self-monitoring, analysis and reporting technology (SMART) technologies and the actual adoption by older adults or those caring for them. This paper aims to increase awareness of available technologies and describes their suitability for older adults with different needs. SMART technologies are intelligent devices and systems that enable autonomous monitoring of their status, data analysis or direct feedback provision.

This is a scoping review of SMART technologies used and marketed to older adults or for providing care.

Five categories of SMART technologies were identified: (1) wearable technologies and smart tools of daily living; (2) noninvasive/unobtrusive technology (i.e. passive technologies monitoring the environment, health and behavior); (3) complex SMART systems; (4) interactive technologies; (5) assistive and rehabilitation devices. Technologies were then linked with needs related to everyday practical tasks (mainly applications supporting autonomous, independent living), social and emotional support, health monitoring/managing and compensatory assistance rehabilitation.

When developing, testing or implementing technologies for older adults, researchers should clearly identify concrete needs these technologies help meet to underscore their usefulness.

Older adults and caregivers should weigh the pros and cons of different technologies and consider the key needs of older adults before investing in any tech solution.

SMART technologies meeting older adult needs help support both independent, autonomous life for as long as possible as well as aiding in the transition to assisted or institutionalized care.

This is the first review to explicitly link existing SMART technologies with the concrete needs of older adults, serving as a useful guide for both older adults and caregivers in terms of available technology solutions.