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Mechanisms and Institutions

In: Economic Institutions in a Dynamic Society: Search for a New Frontier

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  • Leonid Hurwicz

    (University of Minnesota)

Abstract

Economists have long been interested in policies, systems, and institutions. But although normative issues arise in all three contexts, only narrowly-defined policy issues were considered open to formalised analysis. The famous battles between ‘institutionalists’ and ‘classicists’ provide some of the evidence. Atkins et al. (1931), in their Economic Behavior, An Institutional Approach (p. iii), make a point of the fact that ‘no attention is given to hypothetical supply and demand curves …’ and ‘no treatment … given … to the factors of production — land, labor, capital, enterprise, as such — to subjective utility, to normal price, to marginal buyers and sellers ….’

Suggested Citation

  • Leonid Hurwicz, 1989. "Mechanisms and Institutions," International Economic Association Series, in: Takashi Shiraishi & Shigeto Tsuru (ed.), Economic Institutions in a Dynamic Society: Search for a New Frontier, chapter 4, pages 87-110, Palgrave Macmillan.
    • Handle: RePEc:pal:intecp:978-1-349-20097-9_4
    DOI: 10.1007/978-1-349-20097-9_4
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    Cited by:

    1. Amit Bhaduri, 2000. "Nationalism and Economic Policy in the Era of Globalization," WIDER Working Paper Series wp-2000-188, World Institute for Development Economic Research (UNU-WIDER).

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