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- Title
Economy as Instituted Process: Change, Transformation, and Progress.
- Authors
Adams, John
- Abstract
The author in this article introduces institutional and evolutionary economists of the second postwar generation, like Karl Polanyi and Clarence Ayres, and discusses various aspects of institutional economics. The influence of Ayres and Polanyi's insights remains formidable, reciprocity, redistribution, the household, and the market as alternative modes of exchange; the embeddedness of the economy in society; the fictitious commodities: land, labor, and money; the myth of the anti-liberal conspiracy; and the double movement that ensues from societies' strivings to protect human livelihoods and habitats against the consequences of an untrammeled, self-regulating market system. Institutional economics is evolutionary economics because it is concerned with economic and social change. As Polanyi's title avers, since roughly 1800, the world's peoples have been passing through an all-encompassing and unparalleled systemic transformation. This transformation has been driven by individual and collective actors involved in clashing political and intellectual movements of sweeping importance.
- Subjects
INSTITUTIONAL economics; ECONOMICS; POLANYI, Karl, 1886-1964; AYRES, Clarence; ORGANIZATIONAL behavior; INDUSTRIAL organization (Economic theory)
- Publication
Journal of Economic Issues (Association for Evolutionary Economics), 1994, Vol 28, Issue 2, p331
- ISSN
0021-3624
- Publication type
Article
- DOI
10.1080/00213624.1994.11505550