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Institutions and economic history: a critique of professor McCloskey

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  • GREIF, AVNER
  • MOKYR, JOEL

Abstract

Professor McCloskey makes many telling and insightful points in her survey and criticism of what she terms the new institutional economics; yet there are a number of shortcomings to her paper. One is that she has bundled together a variety of quite disparate approaches to the role institutions play, and refers to them as ‘neo-institutionalist’. We unbundle these different strands, and show that an undifferentiated critique is unwarranted. A second argument made by her is that an institutional approach cannot explain either the Industrial Revolution or what she calls ‘the Great Enrichment’. We show that this conclusion is unwarranted and results from an overly narrow definition of institutions.

Suggested Citation

  • Greif, Avner & Mokyr, Joel, 2016. "Institutions and economic history: a critique of professor McCloskey," Journal of Institutional Economics, Cambridge University Press, vol. 12(1), pages 29-41, March.
    • Handle: RePEc:cup:jinsec:v:12:y:2016:i:01:p:29-41_00
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    Cited by:

    1. Bakeev, M., 2020. "Institutional and cultural research directions in development economics: Assumptions on agent motivation as a source of disagreement," Journal of the New Economic Association, New Economic Association, vol. 46(2), pages 139-156.
    2. Joanna Dzionek-Kozlowska & Rafal Matera, 2016. "Institutions Without Culture. A Critique of Acemoglu and Robinson's Theory of Economic Development," Lodz Economics Working Papers 9/2016, University of Lodz, Faculty of Economics and Sociology.
    3. Sunny Li Sun & Weilei (Stone) Shi & David Ahlstrom & Li (Rachel) Tian, 2020. "Understanding institutions and entrepreneurship: The microfoundations lens and emerging economies," Asia Pacific Journal of Management, Springer, vol. 37(4), pages 957-979, December.
    4. Olena Baklanova & Mariana Petrova & Viktor Koval, 2020. "Institutional Transmission in Economic Development," Economic Studies journal, Bulgarian Academy of Sciences - Economic Research Institute, issue 1, pages 68-91.
    5. Juha-Antti Lamberg & Jukka Luoma, 2021. "Ideology in Vicarious Learning–Related Communication," Organization Science, INFORMS, vol. 32(3), pages 708-730, May.

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