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Institutional Economics: Its Influence and Prospects

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  • Allan G. Gruchy

Abstract

. The influence of institutional economics is determined more by the contributions of outstanding mainstream institutionalists such a Myrdal, Colm, and Galbraith than by the Association for Evolutionary Economics (AFEE) established to advance institutionalism. This association as a collective body has a clearcut theoretical image because its membership is largely made up of advocates of a vague evolutionary economics or of a proposed but not clearly defined new general theory of institutionalism regarded as a substitute for mainstream institutionalism regarded as a substitute for mainstream institutionalism. Mainstream institutionalists from Veblen to Myrdal have constructed a well‐defined theory of the evolving industrial system, a technological interpretation of this evolving system, and a logic of industrialism that points in the direction of 'indicative’ national planning. Until AFEE builds upon this theoretical work of the mainstream institutionalists it will have neither a well‐defined institutionalist image nor policy proposals appropriate to the coming post‐industrial society.

Suggested Citation

  • Allan G. Gruchy, 1978. "Institutional Economics: Its Influence and Prospects," American Journal of Economics and Sociology, Wiley Blackwell, vol. 37(3), pages 271-280, July.
    • Handle: RePEc:bla:ajecsc:v:37:y:1978:i:3:p:271-280
    DOI: 10.1111/j.1536-7150.1978.tb01229.x
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    Cited by:

    1. Alexandre Chirat & Charlotte Le Chapelain, 2017. "Some “unexpected proximities” between Schultz and Galbraith on human capital," Working Papers of BETA 2017-18, Bureau d'Economie Théorique et Appliquée, UDS, Strasbourg.
    2. Alexandre Chirat & Charlotte Le Chapelain, 2017. "Some “unexpected proximities” between Schultz and Galbraith on human capital," Working Papers 08-17, Association Française de Cliométrie (AFC).

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