Institutions in Economics
The Old and the New Institutionalism
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Institutions in Economics by Malcolm Rutherford
Book DescriptionThis book examines and compares the two major traditions of institutionalist thinking in economics: the 'old' institutionalism of Veblen, Mitchell, Commons, and Ayres, and the 'new' institutionalism developed more recently from neoclassical and Austrian sources and including the writings of Coase, Williamson, North, Schotter, and many others. The discussion is organized around a set of key methodological, theoretical, and normative problems that necessarily confront any attempt to incorporate institutions (defined to include organizations, laws, and social norms) into economics. These are identified in terms of the issues surrounding the use of formal or non-formal analytical methods, individualist or holistic approaches, the respective roles of rational choice and rule-following behavior, the relative importance of the spontaneous evolution and deliberative design of institutions, and questions concerning the normative appraisal of institutions. The old and the new institutionalism have often been paired on opposite sides of these issues, and the issues themselves presented in a series of sharp dichotomies. Professor Rutherford argues, however, that matters are both more complex and more challenging. Although each tradition embodies fascinating insights into the study of economic institutions - their functioning, evolution, and impact on human welfare - neither has as yet provided fully satisfactory answers to the problems identified.
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Book DetailsISBN: 9780521451895
(228mm x 152mm x 17mm)
Imprint: Cambridge University Press
Publisher: Cambridge University Press
Publish Date: 25-Mar-1994
Country of Publication: United Kingdom
Books By Author Malcolm Rutherford
Institutionalist Movement in American Economics, 1918-1947, Paperback (September 2013)
This book deals with the institutionalist movement in American economics, a significant part of American economics in the interwar period.
Development of the National Economy, Hardback (December 2004)» View all books by Malcolm Rutherford
This collection brings together a comprehensive selection of documents from the history of US and Canadian economic thought from the 17th century through to 1900.
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