Dr. B. R. Ambedkar was popularly known as Babasaheb Ambedkar and he is the father of institution and everyone knows that he was one of the architects of the Indian Constitution. He was a very well-known political leader, eminent jurist, Buddhist activist, philosopher, anthropologist, historian, orator, writer, economist, scholar and editor, too. Dr. Ambedkar fought to eradicate the social evils like untouchability and for the rights of the dalits and other socially backward classes throughout his life. Dr. Ambedkar was appointed as India's first Law Minister in the Cabinet of Jawaharlal Nehru. He was posthumously awarded the Bharat Ratna, India's highest civilian honour in 1990.

Introduction:
The concept of institutions is central to the study of social sciences. Institutions are the established patterns of behavior and rules that shape social interactions and guide individuals' behavior within a society. They provide the framework within which individuals and groups operate, and they play a crucial role in shaping societal norms, values, and practices. One of the seminal figures in the field of institutional theory is Douglass C. North, who is often referred to as the father of institutions.

Douglass C. North:
Douglass C. North was an American economist and Nobel laureate who made significant contributions to the understanding of institutions and their role in economic development. He was born in 1920 and passed away in 2015. North's work focused on the intersection of economics, history, and political science, and he sought to explain how institutions impact economic performance and societal outcomes.

Contributions to Institutional Theory:
North's most influential work was his book "Institutions, Institutional Change, and Economic Performance," published in 1990. In this book, he argued that institutions are a fundamental determinant of economic development and that societies with well-functioning institutions tend to have higher levels of economic prosperity. He emphasized that institutions are not just formal rules and laws but also include informal constraints such as norms, values, and beliefs.

North's framework for understanding institutions revolved around the concept of transaction costs. He argued that institutions reduce transaction costs by providing a stable and predictable environment for economic exchange. By establishing rules, enforcing contracts, and ensuring property rights, institutions enable individuals to engage in productive economic activities with reduced uncertainty and risk.

Legacy and Impact:
North's work has had a profound impact on the field of institutional economics and has influenced scholars from various disciplines. His ideas have shaped our understanding of how institutions evolve, how they impact economic development, and how they can be reformed to promote better outcomes. North's emphasis on the role of institutions in shaping economic behavior has also influenced policy discussions and reforms in many countries.

Conclusion:
Douglass C. North's contribution to institutional theory has been significant. By focusing on the role of institutions in economic development, he provided a framework for understanding the complex interplay between institutions, behavior, and societal outcomes. His work continues to inspire research and shape our understanding of the importance of institutions in shaping human interactions and economic systems.