IDEAS home Printed from https://ideas.repec.org/a/bas/econth/y2007i2p50-69.html
   My bibliography  Save this article

Institutional Disaffiliation with the Classicism

Author

Listed:
  • Tsvetan Kotsev

Abstract

The institutional theory is, to a great extent, filled with criticism of the main classical postulates. Many institutionalists question in their works the hedonistic principle of profit and loss as a main motivating factor for human behavior. The main classical concepts result from relatively old tendencies which dominated the manner of thinking during the period XVII-XVIII century. Due to its strong bond with clerical order, classical economic theory deals with the individual rather than the group. The leading institutionalists argue against this statement and back up the idea that the individual’s behavior is manifested in social environment. These and other characteristics show classical theory in static format, unable to react adequately to the dynamics of the social and economic development. Among the fiercest critics of classicism in this respect are Clarence Ayres and Torstein Veblen. This article aims at showing the unconventional view of some of the competent representatives of institutionalism together with their well-grounded criticism of classical orthodoxy.

Suggested Citation

  • Tsvetan Kotsev, 2007. "Institutional Disaffiliation with the Classicism," Economic Thought journal, Bulgarian Academy of Sciences - Economic Research Institute, issue 2, pages 50-69.
    • Handle: RePEc:bas:econth:y:2007:i:2:p:50-69
    as

    Download full text from publisher

    File URL: http://www.ceeol.com/aspx/issuedetails.aspx?issueid=829df93f-e0fa-43ae-85be-de6b383ae898&articleid=9a503f18-253f-46bf-abb9-b295223e9e5b#a9a503f18-253f-46bf-abb9-b295223e9e5b
    Download Restriction: Fee access
    ---><---

    As the access to this document is restricted, you may want to search for a different version of it.

    References listed on IDEAS

    as
    1. Smith, Adam, 1776. "An Inquiry into the Nature and Causes of the Wealth of Nations," History of Economic Thought Books, McMaster University Archive for the History of Economic Thought, number smith1776.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Charles M. A. Clark, 2021. "Editor’s Introduction: Economics and the Option for the Poor," American Journal of Economics and Sociology, Wiley Blackwell, vol. 80(4), pages 1051-1059, September.
    2. Bellemare, Marc F. & Barrett, Christopher B., 2003. "An Asset Risk Theory of Share Tenancy," Working Papers 127203, Cornell University, Department of Applied Economics and Management.
    3. Carbonnier Cl´ement, 2014. "The incidence of non-linear consumption taxes," Научный результат. Серия «Экономические исследования», CyberLeninka;Федеральное государственное автономное образовательное учреждение высшего образования «Белгородский государственный национальный исследовательский университет», issue 1, pages 5-18.
    4. White, Reilly & Marinakis, Yorgos & Islam, Nazrul & Walsh, Steven, 2020. "Is Bitcoin a currency, a technology-based product, or something else?," Technological Forecasting and Social Change, Elsevier, vol. 151(C).
    5. Ashraf, Junaid & Uddin, Shahzad, 2016. "New public management, cost savings and regressive effects: A case from a less developed country," CRITICAL PERSPECTIVES ON ACCOUNTING, Elsevier, vol. 41(C), pages 18-33.
    6. Çağatay Bircan & Ralph De Haas, 2020. "The Limits of Lending? Banks and Technology Adoption across Russia," The Review of Financial Studies, Society for Financial Studies, vol. 33(2), pages 536-609.
    7. Adamson, Jordan, 2020. "Political institutions, resources, and war: Theory and evidence from ancient Rome," Explorations in Economic History, Elsevier, vol. 76(C).
    8. Figge, Frank & Hahn, Tobias & Barkemeyer, Ralf, 2014. "The If, How and Where of assessing sustainable resource use," Ecological Economics, Elsevier, vol. 105(C), pages 274-283.
    9. Hu, Yue & Liu, Chang & Peng, Jiangang, 2021. "Financial inclusion and agricultural total factor productivity growth in China," Economic Modelling, Elsevier, vol. 96(C), pages 68-82.
    10. Balland, Pierre-Alexandre & Broekel, Tom & Diodato, Dario & Giuliani, Elisa & Hausmann, Ricardo & O'Clery, Neave & Rigby, David, 2022. "Reprint of The new paradigm of economic complexity," Research Policy, Elsevier, vol. 51(8).
    11. Timothy Johnson, 2015. "Reciprocity as a Foundation of Financial Economics," Journal of Business Ethics, Springer, vol. 131(1), pages 43-67, September.
    12. Gilles, Robert P. & Pesce, Marialaura & Diamantaras, Dimitrios, 2020. "The provision of collective goods through a social division of labour," Journal of Economic Behavior & Organization, Elsevier, vol. 178(C), pages 287-312.
    13. Felfe, Christina & Hsin, Amy, 2012. "Maternal work conditions and child development," Economics of Education Review, Elsevier, vol. 31(6), pages 1037-1057.
    14. Soete, Luc & Verspagen, Bart & ter Weel, Bas, 2010. "Systems of Innovation," Handbook of the Economics of Innovation, in: Bronwyn H. Hall & Nathan Rosenberg (ed.), Handbook of the Economics of Innovation, edition 1, volume 2, chapter 0, pages 1159-1180, Elsevier.
    15. Javier Portillo & Walter Block, 2012. "Anti-Discrimination Laws: Undermining Our Rights," Journal of Business Ethics, Springer, vol. 109(2), pages 209-217, August.
    16. Richard M. Robinson, 2018. "Friendships of Virtue, Pursuit of the Moral Community, and the Ends of Business," Journal of Business Ethics, Springer, vol. 151(1), pages 85-100, August.
    17. Stern, David I., 1997. "Limits to substitution and irreversibility in production and consumption: A neoclassical interpretation of ecological economics," Ecological Economics, Elsevier, vol. 21(3), pages 197-215, June.
    18. Andrew West, 1999. "The Flute Factory: An Empirical Measurement of the Effect of the Division of Labor on Productivity and Production Cost," The American Economist, Sage Publications, vol. 43(1), pages 82-87, March.
    19. Hamilton,Kirk E. & Helliwell,John F. & Woolcock,Michael, 2016. "Social capital, trust, and well-being in the evaluation of wealth," Policy Research Working Paper Series 7707, The World Bank.
    20. M. Leroch & C. Reggiani & G. Rossini & E. Zucchelli, 2012. "Religious attitudes and home bias: theory and evidence from a pilot study," Working Papers wp811, Dipartimento Scienze Economiche, Universita' di Bologna.

    More about this item

    JEL classification:

    • B20 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925 - - - General
    • B25 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925 - - - Historical; Institutional; Evolutionary; Austrian; Stockholm School
    • B31 - Schools of Economic Thought and Methodology - - History of Economic Thought: Individuals - - - Individuals

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:bas:econth:y:2007:i:2:p:50-69. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Diana Dimitrova (email available below). General contact details of provider: https://edirc.repec.org/data/ikbasbg.html .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.