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On neoinstitutional theory and preclassical economies: mercantilism revisited

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  • Robert Ekelund
  • Robert Tollison

Abstract

How and why do economies grow? This paper surveys recent research into preclassical economies, with particular emphasis on the mercantile period as to the adequacy of an answer of this critical question. Historical, 'ideational' and neoinstitutionalist approaches are analyzed as independent explanations for institutional change. While all of these approaches are found to have value, this survey argues that an unabashedly modern version of Marshallian economics has the greatest explanatory power.

Suggested Citation

  • Robert Ekelund & Robert Tollison, 1997. "On neoinstitutional theory and preclassical economies: mercantilism revisited," The European Journal of the History of Economic Thought, Taylor & Francis Journals, vol. 4(3), pages 375-399.
    • Handle: RePEc:taf:eujhet:v:4:y:1997:i:3:p:375-399
    DOI: 10.1080/10427719700000058
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    References listed on IDEAS

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    1. Murray N. Rothbard, 1995. "Economic Thought Before Adam Smith," Books, Edward Elgar Publishing, number 377.
    2. Rutherford,Malcolm, 1996. "Institutions in Economics," Cambridge Books, Cambridge University Press, number 9780521574471.
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    Cited by:

    1. Robert Ekelund & Robert Hébert, 2010. "Interest-group analysis in economic history and the history of economic thought," Public Choice, Springer, vol. 142(3), pages 471-480, March.
    2. John Berdell & Thomas S. Mondschean & Rowena A. Pecchenino, 2019. "Where Has All the Demand Gone? Challenges to Growth in a “Neo-Mercantilist” Age," SPOUDAI Journal of Economics and Business, SPOUDAI Journal of Economics and Business, University of Piraeus, vol. 69(3), pages 35-54, July-Sept.
    3. Jean‐Philippe Vergne & Rodolphe Durand, 2010. "The Missing Link Between the Theory and Empirics of Path Dependence: Conceptual Clarification, Testability Issue, and Methodological Implications," Journal of Management Studies, Wiley Blackwell, vol. 47(4), pages 736-759, June.

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