Institutional Economics: Then and Now

Malcolm Rutherford

Journal of Economic Perspectives, 2001, vol. 15, issue 3, 173-194

Abstract: This article gives a history of American institutionalism, and a brief comparison with the more recent "new" institutional economics. Institutionalism was a significant element in American economics between the Wars, but declined rapidly thereafter. The article outlines the movement's initial appeal, its contributions, and the reasons for its decline. Although the "new" institutionalism has few direct ties to the older tradition, some interesting commonalities are found and discussed. Links to the "new institutionalism" in sociology and political science, and to historical work on other "institutional" traditions are also mentioned.

JEL-codes: B25 B52 (search for similar items in EconPapers)
Date: 2001
Note: DOI: 10.1257/jep.15.3.173
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Citations: View citations in EconPapers (71)

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