Economics and Institutions
10%
off

Economics and Institutions : A Manifesto for a Modern Institutional Economics

By (author) 

Free delivery worldwide

Available. Dispatched from the UK in 2 business days
When will my order arrive?

Description

Traditionally, economists have attributed consistency and rational calculation to the actions of `economic man'. In a challenge to orthodox thinking, Geoffrey Hodgson maintains that social institutions play a central and essential role in moulding preferences and guiding action: institutions are regarded as enabling action rather than merely providing constraints. From this perspective, the author takes on the `free marketeers' such as Milton Friedman and the `new institutionalism' of Oliver Williamson. He argues against the neo-classical and Austrian views of the operation of markets, offering instead a new synthesis of the work of Keynes, Veblen, Simon and Marx. Taking up the implications of his argument, Hodgson calls for a new policy perspective based on structural reform and institutional intervention.show more

Product details

  • Paperback | 264 pages
  • 150 x 228 x 24mm | 557.93g
  • Polity Press
  • Oxford, United Kingdom
  • English
  • New edition
  • New
  • 0745602770
  • 9780745602776
  • 2,186,623

Review quote

-I think that this is a superb book ... what Hodgson has done is to bring together a wide range of themes, and weave them together in a particularly persuasive way. It is a must read for economists predisposed to question contemporary orthodoxy.- Richard R. Nelson, Review of Political Economy -This is a landmark work in the evolution of institutional economics.- Public Choice -This book is an excellent read. Written with great care, refreshing intellectual honesty and with a wide canvas of the relevant literature it should be on the -essential- reading lists of all final year and post-graduate economics students. It will also be of great interest to students of the other social sciences who would like a point of entry to the inner mysteries of the faith.- Norman Clark, University of Sussex "I think that this is a superb book ... what Hodgson has done is to bring together a wide range of themes, and weave them together in a particularly persuasive way. It is a must read for economists predisposed to question contemporary orthodoxy." Richard R. Nelson, Review of Political Economy "This is a landmark work in the evolution of institutional economics." Public Choice "This book is an excellent read. Written with great care, refreshing intellectual honesty and with a wide canvas of the relevant literature it should be on the "essential" reading lists of all final year and post-graduate economics students. It will also be of great interest to students of the other social sciences who would like a point of entry to the inner mysteries of the faith." Norman Clark, University of Sussexshow more

About Geoffrey M. Hodgson

Geoffrey Hodgson is Research Professor in Business Studies at the University of Hertfordshire.show more

Table of contents

PART 1 PRELUDE: Introduction and Outline; On Methodology and Assumptions. PART 2 A FAREWELL TO `ECONOMIC MAN': Behind Methodological Individualism; The Maximisation Hypothesis; The Rationalist Conception of Action; Action and Institutions. PART 3 ELEMENTS OF AN INSTITUTIONAL ECONOMICS: Contracts and Property Rights; Markets as Institutions; Firms and Markets; Expectations and the Limits to Keynes; Directions and Policy Implications.show more