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    Institutions in Economics: The Old and the New Institutionalism (Historical Perspectives on Modern Economics) (Paperback) By (author) Malcolm Rutherford, Series edited by Craufurd D. Goodwin

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    DescriptionThis book examines and compares the two major traditions of institutionalist thinking in economics: the 'old' institutionalism of Veblen, Mitchell, Commons, and Ayres, and the 'new' institutionalism developed more recently from neoclassical and Austrian sources and including the writings of Coase, Williamson, North, Schotter, and many others. The discussion is organized around a set of key methodological, theoretical, and normative problems that necessarily confront any attempt to incorporate institutions (defined to include organizations, laws, and social norms) into economics. These are identified in terms of the issues surrounding the use of formal or non-formal analytical methods, individualist or holistic approaches, the respective roles of rational choice and rule-following behavior, the relative importance of the spontaneous evolution and deliberative design of institutions, and questions concerning the normative appraisal of institutions. The old and the new institutionalism have often been paired on opposite sides of these issues, and the issues themselves presented in a series of sharp dichotomies. Professor Rutherford argues, however, that matters are both more complex and more challenging. Although each tradition embodies fascinating insights into the study of economic institutions - their functioning, evolution, and impact on human welfare - neither has as yet provided fully satisfactory answers to the problems identified.


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  • Full bibliographic data for Institutions in Economics

    Title
    Institutions in Economics
    Subtitle
    The Old and the New Institutionalism
    Authors and contributors
    By (author) Malcolm Rutherford, Series edited by Craufurd D. Goodwin
    Physical properties
    Format: Paperback
    Number of pages: 240
    Width: 152 mm
    Height: 228 mm
    Thickness: 14 mm
    Weight: 360 g
    Language
    English
    ISBN
    ISBN 13: 9780521574471
    ISBN 10: 0521574471
    Classifications

    B&T Book Type: NF
    BIC E4L: ECO
    Nielsen BookScan Product Class 3: S4.5
    BIC subject category V2: KCA
    B&T Modifier: Subject Development: 10
    Abridged Dewey: 330
    B&T General Subject: 180
    Ingram Subject Code: BE
    DC22: 330
    Libri: I-BE
    Warengruppen-Systematik des deutschen Buchhandels: 27830
    BISAC V2.8: BUS069000
    B&T Merchandise Category: UP
    DC20: 330.155
    BISAC V2.8: BUS023000, BUS069030
    LC subject heading:
    LC classification: HB99.5 .R88 1994
    Thema V1.0: KCA, KCZ
    Edition statement
    Revised ed.
    Illustrations note
    black & white illustrations
    Publisher
    CAMBRIDGE UNIVERSITY PRESS
    Imprint name
    CAMBRIDGE UNIVERSITY PRESS
    Publication date
    22 December 2003
    Publication City/Country
    Cambridge
    Review quote
    'This is clearly a book which anyone seriously interested in economic institutions should read. It is well organized, clearly written, and short. For these reasons, it would be suitable for courses with an institutional, organizational, or methodological focus in any of the social sciences. Readers interested in the new institutional economics, even if they have no acquaintance with 'old' institutionalism, are particularly likely to benefit from Rutherford's systematic and well-informed exposition.' Canadian Journal of Economics
    Back cover copy
    This book explores the issues surrounding the use of formal or non-formal analytical methods, individuals or holistic approaches, the respective roles of rational choice and rule-following behavior, the relative importance of the spontaneous evolution and deliberative design of institutions, and questions concerning the normative appraisal of institutions.
    Table of contents
    1. Definitions and issues; 2. Formalism and anti-formalism; 3. Individualism and holism; 4. Rationality and rule following; 5. Evolution and design; 6. Efficiency and reform; 7. Conflicts and complementarities.