Institutions in Economics: The Old and the New Institutionalism

Cambridge University Press, 25.03.1994 - 225 Seiten
This book examines and compares the two major traditions of thought that have attempted to incorporate institutions within economics. These are the "Old" (or American) Institutionalist tradition of Veblen, Mitchell, Commons and Ayres, and the "New" Institutionalism that has developed more recently from neoclassical and Austrian sources. The discussion is organized around a set of key problems involving the use of formal or nonformal analytical methods, individualist or holistic approaches, the respective roles of rational choice and rule following behavior, the relative importance of spontaneous evolution and deliberative design of institutions, and questions relating to the normative appraisal of institutions.

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Über den Autor (1994)

Malcolm Rutherford is Professor of Economics at the University of Victoria, British Columbia, Canada, and the leading authority on the history of American institutional economics. He has published widely on this topic in History of Political Economy, the Journal of the History of Economic Thought, the European Journal of the History of Economic Thought, the Journal of Economic Perspectives and Labor History. He is the author of Institutions in Economics: The Old and the New Institutionalism, published by Cambridge University Press (1994). Professor Rutherford has served as President of the History of Economics Society and the Association for Evolutionary Economics.

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