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The Psychological Contributions of Pragmatism and of Original Institutional Economics and their Implications for Policy Action

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  • Arturo Hermann

    (Italian National Institute of Statistics, Rome, Italy)

Abstract

The aim of this work is to illustrate the psychological contributions of Pragmatism and of the Original Institutional Economics (also referred to as OIE or institutionalism), and their relevance for improving the process of social valuing and, as a consequence, the effectiveness of policy action. As a matter of fact, both institutionalist and pragmatist theories were well acquainted with various strands of psychology, and some of them also provided relevant contributions in this respect. Moreover, these theories reveal, along with various differences, significant complementarities, both between themselves and with important concepts of social psychology and psychoanalysis. The work will address the following aspects: (I) The main characteristics of pragmatist psychology with particular attention to their social implications. For space reasons, we will focus attention on the contributions of authors – John Dewey, William James and George Herbert Mead – more oriented to social sciences. (II) The psychological contributions of institutionalism. We will pay particular attention to Thorstein Veblen's theory of instincts and John Rogers Commons' theory of negotiational psychology. We highlight that these theories present, despite a number of differences, relevant complementarities.

Suggested Citation

  • Arturo Hermann, 2020. "The Psychological Contributions of Pragmatism and of Original Institutional Economics and their Implications for Policy Action," Economic Thought, World Economics Association, vol. 9(1), pages 48-71, July.
    • Handle: RePEc:wea:econth:v:9:y:2020:i:1:p:48
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    References listed on IDEAS

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    1. Veblen, Thorstein, 1904. "Theory of Business Enterprise," History of Economic Thought Books, McMaster University Archive for the History of Economic Thought, number veblen1904.
    2. Geoffrey M. Hodgson & Warren J. Samuels & Marc R. Tool (ed.), 1994. "The Elgar Companion to Institutional and Evolutionary Economics," Books, Edward Elgar Publishing, volume 0, number 228.
    3. Arturo Hermann, 2018. "The Decline of the 'Original Institutional Economics' in the Post-World War II Period and the Perspectives of Today," Economic Thought, World Economics Association, vol. 7(1), pages 63-86, March.
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    Cited by:

    1. Arturo Hermann, 2023. "The Interpretation of Ownership: Insights from Original Institutional Economics, Pragmatist Social Psychology and Psychoanalysis," Economic Thought, World Economics Association, vol. 11(1), pages 15-36, April.

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