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- Title
DOES INSTITUTIONALISM COMPLEMENT OR COMPETE WITH 'ORTHODOX ECONOMICS'?
- Authors
Burns, E. M.
- Abstract
The concept of institutionalism lacks precision and has been misleadingly identified with other new methods of approach in economics. Examples of institutional work are suggested in the article. Institutionalism needs a coordinating body of theory. No inherent reason why orthodox economics should not supply this framework, but its emphasis has probably tended to discourage peculiarly institutional work. As a contribution towards delimiting economic aspects of behavior and economically relevant institutions, supplying workable categories of thought, and suggesting the forms in which an institutionalist economic theory might ultimately be couched, the work of economists such as Max Weber is especially significant. Attempts to characterize societies by reference to a quality so dominating and fundamental that it appears to determine the main types of relationship existing among the various parts, and the functions they perform, have been made, among others, by the economic historians. These efforts have evidenced themselves in the use of such terms as nomadic, settled, feudal, socialist or communistic societies, and in general in the characterization by economic historians of types of economic societies in their discussions of stages of development.
- Subjects
INSTITUTIONAL economics; INSTITUTIONS (Philosophy); ECONOMIC history; ECONOMICS; COMMUNIST societies; WEBER, Max, 1864-1920; HISTORIANS
- Publication
American Economic Review, 1931, Vol 21, Issue 1, p80
- ISSN
0002-8282
- Publication type
Article