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S chumpeter, C ommons, and V eblen on Institutions
Author(s) -
Papageorgiou Theofanis,
Katselidis Ioannis,
Michaelides Panayotis G.
Publication year - 2013
Publication title -
american journal of economics and sociology
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 0.199
H-Index - 38
eISSN - 1536-7150
pISSN - 0002-9246
DOI - 10.1111/ajes.12042
Subject(s) - parallels , opposition (politics) , politics , sociology , economics , neoclassical economics , similarity (geometry) , positive economics , political science , law , computer science , operations management , artificial intelligence , image (mathematics)
Abstract This article compares S chumpeter, V eblen, and C ommons with regard to institutions setting up the paradigm of institutional evolutionary economics. Their theories are of a complex nature, and as such, it is very difficult to situate them in a clear‐cut tradition. The main similarity is their opposition to the thesis that market economy is an independent and self‐regulating system, in an attempt to integrate economic, sociological, and political perspectives with regard to the functioning of the system. Also, change per se is in contrast to the notion of equilibrium. Of course, despite the parallels, the existence of differences is undeniable.