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In defence of the institutional revolution

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  • Douglas Allen

Abstract

I defend my thesis laid out in The Institutional Revolution against the comments made by McCloskey, Espin and Mokyr, and Langlois, who all believe that the weight of the great institutional transition is too great for my theory of measurement, and who all quibble with some aspects of my historical analysis. I argue that some of the comments fail to fully appreciate the Coasean approach, and that most of the historical comments miss the mark. I begin with a short discussion of Coase, and then turn to each author in turn. Copyright Springer Science+Business Media New York 2013

Suggested Citation

  • Douglas Allen, 2013. "In defence of the institutional revolution," The Review of Austrian Economics, Springer;Society for the Development of Austrian Economics, vol. 26(4), pages 397-412, December.
    • Handle: RePEc:kap:revaec:v:26:y:2013:i:4:p:397-412
    DOI: 10.1007/s11138-013-0238-4
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    References listed on IDEAS

    as
    1. Ronald H. Coase, 2008. "The Institutional Structure of Production," Springer Books, in: Claude Ménard & Mary M. Shirley (ed.), Handbook of New Institutional Economics, chapter 2, pages 31-39, Springer.
    2. Douglas W. Allen, 2006. "Theoretical Difficulties With Transaction Cost Measurement," Division of Labor & Transaction Costs (DLTC), World Scientific Publishing Co. Pte. Ltd., vol. 2(01), pages 1-14.
    3. Greif,Avner, 2006. "Institutions and the Path to the Modern Economy," Cambridge Books, Cambridge University Press, number 9780521480444, October.
    4. R. H. Coase, 2013. "The Problem of Social Cost," Journal of Law and Economics, University of Chicago Press, vol. 56(4), pages 837-877.
    5. Richard Langlois, 2013. "The Institutional Revolution: A review essay," The Review of Austrian Economics, Springer;Society for the Development of Austrian Economics, vol. 26(4), pages 383-395, December.
    6. Barzel,Yoram, 1997. "Economic Analysis of Property Rights," Cambridge Books, Cambridge University Press, number 9780521597135, February.
    7. Deirdre McCloskey, 2013. "A neo-institutionalism of measurement, without measurement: A comment on Douglas Allen’s The Institutional Revolution," The Review of Austrian Economics, Springer;Society for the Development of Austrian Economics, vol. 26(4), pages 363-373, December.
    8. Gregory Clark, 2007. "Introduction to A Farewell to Alms: A Brief Economic History of the World," Introductory Chapters, in: A Farewell to Alms: A Brief Economic History of the World, Princeton University Press.
    Full references (including those not matched with items on IDEAS)

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    More about this item

    Keywords

    Coase; Pre-modern world; Measurement; Institutions; N43; N63; O14; P48;
    All these keywords.

    JEL classification:

    • N43 - Economic History - - Government, War, Law, International Relations, and Regulation - - - Europe: Pre-1913
    • N63 - Economic History - - Manufacturing and Construction - - - Europe: Pre-1913
    • O14 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Industrialization; Manufacturing and Service Industries; Choice of Technology
    • P48 - Political Economy and Comparative Economic Systems - - Other Economic Systems - - - Legal Institutions; Property Rights; Natural Resources; Energy; Environment; Regional Studies

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