Institutional Economics: Then and Now
- (pp. 173-194)
AbstractThis 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.
Citation2001. "Institutional Economics: Then and Now." Journal of Economic Perspectives, 15(3): 173-194. DOI: 10.1257/jep.15.3.173
- B52 Current Heterodox Approaches: Institutional; Evolutionary
- B25 History of Thought since 1925: Historical; Institutional; Evolutionary; Austrian