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The Emergence and Evolution of Institutions: The Complementary Approaches of Carl Menger and Thorstein Veblen

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  • Pierre Garrouste

Abstract

This paper is an attempt to compare Carl Menger and Thorstein Veblen,’s conceptions of institutions. It is shown that although Menger stresses on the emergence of institutions, Veblen is much aware of analyzing their evolution. On this basis the idea of a dialogue between the two authors is propose and its characteristics are presented.

Suggested Citation

  • Pierre Garrouste, 2008. "The Emergence and Evolution of Institutions: The Complementary Approaches of Carl Menger and Thorstein Veblen," ICER Working Papers 17-2008, ICER - International Centre for Economic Research.
    • Handle: RePEc:icr:wpicer:17-2008
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    File URL: http://www.bemservizi.unito.it/repec/icr/wp2008/ICERwp17-08.pdf
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    References listed on IDEAS

    as
    1. Erich Streissler, 1972. "To What Extent Was the Austrian School Marginalist?," History of Political Economy, Duke University Press, vol. 4(2), pages 426-441, Fall.
    2. Pierre Garrouste, 1993. "Criteria of scientificity and methodology of the social sciences : Menger, Mises and Hayek," Post-Print halshs-00274537, HAL.
    3. Gerald P. O'Driscoll, Jr., 1986. "Money: Menger's Evolutionary Theory," History of Political Economy, Duke University Press, vol. 18(4), pages 601-616, Winter.
    4. Arthur, W Brian, 1989. "Competing Technologies, Increasing Returns, and Lock-In by Historical Events," Economic Journal, Royal Economic Society, vol. 99(394), pages 116-131, March.
    5. Walker, Donald A, 1977. "Thorstein Veblen's Economic System," Economic Inquiry, Western Economic Association International, vol. 15(2), pages 213-237, April.
    6. Hodgson, Geoffrey M, 1992. "Thorstein Veblen and Post-Darwinian Economics," Cambridge Journal of Economics, Cambridge Political Economy Society, vol. 16(3), pages 285-301, September.
    7. Ulrich Witt, 1994. "Evolutionary economics," Chapters, in: Peter J. Boettke (ed.), The Elgar Companion to Austrian Economics, chapter 78, Edward Elgar Publishing.
    8. Pierre Garrouste, 1994. "Menger and Hayek on Institutions : continuity and discontinuities," Post-Print halshs-00274422, HAL.
    9. S. Parsons, 1990. "The Philosophical Roots of Modern Austrian Economics: Past Problems and Future Prospects," History of Political Economy, Duke University Press, vol. 22(2), pages 295-319, Summer.
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    11. Malcolm Rutherford, 1984. "Thorstein Veblen and the Processes of Institutional Change," History of Political Economy, Duke University Press, vol. 16(3), pages 331-348, Fall.
    Full references (including those not matched with items on IDEAS)

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    More about this item

    Keywords

    Menger; Veblen; institutions; evolution; emergence;
    All these keywords.

    JEL classification:

    • B13 - Schools of Economic Thought and Methodology - - History of Economic Thought through 1925 - - - Neoclassical through 1925 (Austrian, Marshallian, Walrasian, Wicksellian)
    • B15 - Schools of Economic Thought and Methodology - - History of Economic Thought through 1925 - - - Historical; Institutional; Evolutionary
    • D02 - Microeconomics - - General - - - Institutions: Design, Formation, Operations, and Impact

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