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institutional economics |
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institutional economicsSchool of economics that flourished in the U.S. in the 1920s and '30s, which viewed the evolution of economic institutions as part of the broader process of cultural development. Thorstein Veblen laid the foundation for institutionalism with his criticism of traditional economic theory. He tried to replace the concept of people as the makers of economic decisions with a more realistic image of people as influenced by changing customs and institutions. John R. Commons emphasized the collective action of various groups in the economy, viewed within a system of continually evolving institutions and laws. Other U.S. institutional economists include Rexford Tugwell and Wesley C. Mitchell. See also classical economics, German historical school of economics. How to thank TFD for its existence? Tell a friend about us, add a link to this page, add the site to iGoogle, or visit webmaster's page for free fun content. |
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In fact most of these debates about growth now actively concern themselves with historical institutions and are part of a whole set of theories in economics which have been given the general name of the "New Institutional Economics. Hill, an economist at Wheaton College, use the insights of the New Institutional Economics to paint a different picture of frontier history, with businessmen developing sensible property institutions to meet the West's varied needs. Tsai agrees with the mainstream view that China's growth has occurred despite the absence of the kinds of clear property rights emphasized by "new institutional economics. |
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