Publisher description
Extensive selections from Thorstein Veblen and John Rogers Commons are
provided along with the key contributions from other founders such as Richard T
Ely, Wesley Clair Mitchell, Robert F Hoxie and Walton H Hamilton. The
selections range in date from 1896 to 1957, with most of the material falling
between 1898 and 1925. The collection includes those contributions that served
to define the movement in its early years: Veblen's 'Why is Economics Not An
Evolutionary Science?' (1898), Common's 'Sociological View of Sovereignty'
(1899-1900), Hoxie's 'On the Empirical Method of Economic Instruction' (1901),
Mitchell's 'The Rationality of Economic Activity' (1910), and Hamilton's 'The
Institutional Approach to Economic Theory' (1918). The selections, however, go
beyond these early contributions and allow the reader to chart the development
of the various research programs established by the founders: Veblen on
pecuniary institutions versus industrial requirements, Ely and Commons on
collective action, law and economics, Hoxie on types of trade unionism,
Mitchell on business cycles, and Hamilton on private property rights, price
setting and regulation. This work shaped the subsequent history of the institutional movement. In
its beginnings institutionalism was a uniquely American phenomenon, an outcome
of the particular confluence of intellectual and economic conditions that
prevailed in the United States around the turn of the century. In the interwar
period institutionalism rose to some considerable prominence in American
economics, but subsequently declined in prestige. Despite this, the movement
continued and the evolutionary and institutional perspective it contains has
been subject to a recent revival of interest in both America and Europe. This
collection provides an invaluable resource for the understanding of a part of
American intellectual history and of the history of economics that is not only
fascinating in its own right but also of contemporary relevance. Brings together the major contributions of the leading members of
Institutional Economics. Included in this collection are both American and
European members of the school. Particular attention is given to their
theoretical contributions as well as to their critique of mainstream
economics.
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Classics in Institutional Economics: The Founders, 1890-1945
Book reviews » Classics in Institutional Economics: The Founders, 1890-1945
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