Claiming Choice for Institutional Economics

Ana Costa and José Caldas

Journal of Economic Issues, 2011, vol. 45, issue 3, 665-684

Abstract: Institutional economics is often presented by its critics as a tradition in political economy purporting a mechanistic, robot-like, view of the human agent. In this paper this portrayal of institutional economics is rejected and choice is reclaimed for institutionalism. In fact, institutional economics is not committed to an understanding of behavior as mere stimulus-response. Notwithstanding the fact that institutionalism places great emphasis on habit in human conduct, this does not mean that it excludes autonomy, volition or rationality.The paper addresses the notion of habit within the pragmatist-institutionalist tradition with the aim of clarifying this concept, disentangling it from current misconceptions. With the intention of contributing to the development of a theory of choice in institutionalism, it then deals with deliberation and choice in the pragmatist literature, namely in John Dewey's Human Action and Conduct. Finally, the implications of deliberation thus conceived, namely in respect to collective action and institutional change, are highlighted.

Date: 2011
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DOI: 10.2753/JEI0021-3624450308

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