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Evolutionary Themes in the Austrian Tradition: Menger, von Wieser and Schumpeter on Institutions and Rationality

In: The Evolution of Economic Institutions

Author

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  • Richard Arena
  • Sandye Gloria-Palermo

Abstract

It is now widely acknowledged that institutions are a crucial factor in economic performance. Major developments have been made in our understanding of the nature and evolution of economic institutions in the last few years. This book brings together some key contributions in this area by leading internationally renowned scholars including Paul A. David, Christopher Freeman, Alan P. Kirman, Jan Kregel, Brian J. Loasby, J. Stanley Metcalfe, Bart Nooteboom and Ugo Pagano. This essential reader covers topics such as the relationship between institutions and individuals, institutions and economic development, the nature and role of markets, and the theory of institutional evolution. The book not only outlines cutting-edge developments in the field but also indicates key directions of future research for institutional and evolutionary economics.

Suggested Citation

  • Richard Arena & Sandye Gloria-Palermo, 2007. "Evolutionary Themes in the Austrian Tradition: Menger, von Wieser and Schumpeter on Institutions and Rationality," Chapters, in: Geoffrey M. Hodgson (ed.), The Evolution of Economic Institutions, chapter 11, Edward Elgar Publishing.
    • Handle: RePEc:elg:eechap:12603_11
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    Citations

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    Cited by:

    1. Festré, Agnès & Garrouste, Pierre, 2016. "Wieser As A Theorist Of Institutional Change," Journal of the History of Economic Thought, Cambridge University Press, vol. 38(4), pages 463-483, December.
    2. Richard Arena & Agnès Festré, 2006. "Knowledge and Beliefs in Economics: The Case of the Austrian Tradition," Chapters, in: Richard Arena & Agnès Festré (ed.), Knowledge, Beliefs and Economics, chapter 3, Edward Elgar Publishing.
    3. Agnès Festré, 2012. "Carl Menger and Friedrich von Wieser on the Role of Knowledge and Beliefs in the Emergence and Evolution of Institutions," Chapters, in: Richard Arena & Agnès Festré & Nathalie Lazaric (ed.), Handbook of Knowledge and Economics, chapter 4, Edward Elgar Publishing.
    4. Richard Arena & Pierre Garrouste, 2007. "Market or Markets?," ICER Working Papers 35-2007, ICER - International Centre for Economic Research.
    5. Agnès Festré & Nathalie Lazaric, 2007. "Routines and leadership in Schumpeter and von Mises' analysis of economic change," Post-Print halshs-00271338, HAL.
    6. Richard Arena & Agnès Festré, 2005. "Macroeconomic analysis and individual economic rationality: some lessons from Wicksell to Schumpeter and von Mises," Post-Print halshs-00271370, HAL.
    7. Agnès Festré, 2012. "Carl Menger and Friedrich von Wieser on the role of knowledge and beliefs," Post-Print halshs-00346478, HAL.

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    Keywords

    Economics and Finance;

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