The Current State of Institutional Economics

The Movement's Limited Impact on the Conventional Science Is Ascribed to Disunity, Disinterest in General Theory

Bibliographic Data

ID2790136
AuthorsAllan G Gruchy (University of Maryland, College Park, corresponding author)
Year1982
Volume41
Issue3
Pages225-242
Publication date1982-07-01
Open AccessYes
TypeARTICLE
VenueAmerican Journal of Economics and Sociology (JOURNAL)
Journal identifiersISSN: 0002-9246 • E-ISSN: 1536-7150
PublisherWiley (PUBLISHER • GB)
DOI10.1111/j.1536-7150.1982.tb01673.x
OpenAlexW2053726455
LanguageEN
Citations received3

The current state of institutional economics is far from being satisfactory. Leading institutionalists have not taken an active role in the institutionalist movement. Also the institutionalists have displayed little unity in either their theoretical or policy positions. They have become engrossed in the analysis of limited issues rather than in an exposition of the theoretical foundations of their economics. An evaluation of the four main groups of institutionalists reveals that their impact on conventional theoretical and applied economics has been very limited. If the institutionalist movement is to improve its status, leading institutionalists will have to support this movement more actively; and more attention will have to be paid to the movement's theoretical Underpinning. Also the institutionalists will have to develop a more unified policy position which can receive the support of a widespread constituency. Failing to move along these lines can only have the result of continuing institutionalism's low status

Economics · Institutional economics · Institutional theory · Institutionalism · Movement (music) · Neoclassical economics · New institutionalism · Political science · Politics · Position (finance) · Positive economics · Social science · Sociology · State (computer science) · Underpinning · Economic Theory and Institutions · Law

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