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Institutional Economics: Its Influence and Prospects
Author(s) -
Gruchy Allan G.
Publication year - 1978
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/j.1536-7150.1978.tb01229.x
Subject(s) - veblen good , institutionalism , mainstream , mainstream economics , neoclassical economics , institutional economics , new institutionalism , positive economics , evolutionary economics , interpretation (philosophy) , institutional theory , economics , sociology , social science , political science , applied economics , law , politics , computer science , programming language
A bstract . The influence of institutional economics is determined more by the contributions of outstanding mainstream institutionalists such a Myrdal, Colm , and Galbraith than by the Association for Evolutionary Economics (AFEE) established to advance institutionalism. This association as a collective body has a clearcut theoretical image because its membership is largely made up of advocates of a vague evolutionary economics or of a proposed but not clearly defined new general theory of institutionalism regarded as a substitute for mainstream institutionalism regarded as a substitute for mainstream institutionalism. Mainstream institutionalists from Veblen to Myrdal have constructed a well‐defined theory of the evolving industrial system , a technological interpretation of this evolving system, and a logic of industrialism that points in the direction of 'indicative’ national planning. Until AFEE builds upon this theoretical work of the mainstream institutionalists it will have neither a well‐defined institutionalist image nor policy proposals appropriate to the coming post‐industrial society.