The Neoinstitutionalist Theory of Value

Paul Bush

Journal of Economic Issues, 2009, vol. 43, issue 2, 293-307

Abstract: Neoinstitutional thought is based on an integration of Thorstein Veblen's evolutionary theory of institutional change and John Dewey's theory of instrumental valuation. It offers a coherent methodology that guides both economic analysis and policy formation. Neoinstitutionalist methodology differs from mainstream economic methodology in its rejection of the normative-positive dualism. It denies that "objectivity" requires that science be wertfrie, arguing instead that normative propositions based on instrumental valuation are the foundation of scientific objectivity. The analytical focus of neoinstitutional economics is the process of institutional change which it treats as a change in the value structure of the institution.

Date: 2009
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DOI: 10.2753/JEI0021-3624430202

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