The Current State of Institutional Economics: The Movement's Limited Impact on the Conventional Science Is Ascribed to Disunity, Disinterest in General Theory

Allan G. Gruchy

American Journal of Economics and Sociology, 1982, vol. 41, issue 3, 225-242

Abstract: Abstract. The current state of institutional economics is far from being satisfactory. Leading institutionalists have not taken an active role in the institutionalist movement. Also the institutionalists have displayed little unity in either their theoretical or policy positions. They have become engrossed in the analysis of limited issues rather than in an exposition of the theoretical foundations of their economics. An evaluation of the four main groups of institutionalists reveals that their impact on conventional theoretical and applied economics has been very limited. If the institutionalist movement is to improve its status, leading institutionalists will have to support this movement more actively; and more attention will have to be paid to the movement's theoretical Underpinning. Also the institutionalists will have to develop a more unified policy position which can receive the support of a widespread constituency. Failing to move along these lines can only have the result of continuing institutionalism's low status.

Date: 1982
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