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Journal of Economic Perspectives: Vol. 15 No. 3 (Summer 2001)

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Institutional Economics: Then and Now

Article Citation

Rutherford, Malcolm. 2001. "Institutional Economics: Then and Now." Journal of Economic Perspectives, 15(3): 173-194.

DOI: 10.1257/jep.15.3.173

Abstract

This article gives a history of American institutionalism, and a brief comparison with the more recent "new" institutional economics. Institutionalism was a significant element in American economics between the Wars, but declined rapidly thereafter. The article outlines the movement's initial appeal, its contributions, and the reasons for its decline. Although the "new" institutionalism has few direct ties to the older tradition, some interesting commonalities are found and discussed. Links to the "new institutionalism" in sociology and political science, and to historical work on other "institutional" traditions are also mentioned.

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Authors

Rutherford, Malcolm (U Victoria)

JEL Classifications

B52: Current Heterodox Approaches: Institutional; Evolutionary
B25: History of Thought since 1925: Historical; Institutional; Evolutionary; Austrian

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