 Institutions and Values: A Methodological InquiryTara Natarajan and Wayne Edwards Journal of Economic Issues, 2016, vol. 50, issue 2, 575-583 Abstract: Economics entails a study of institutions regardless of the school of thought, and it is inherently an analysis of institutional transformation with a vision toward creating positive social change through economic arrangements. However, the conceptions of institutions, identity of individuals, human nature as it pertains to economics, identification of the economic sphere, its concerns, and studying its evolution, all vary substantively across schools of thought. We examine the following issues: (i) the differences in the ontological identity of the individual between heterodox approaches, new institutional economics (NIE), and the neoclassical school; (ii) the central point of divergence between original institutional economics (OIE) and NIE, despite both schools being committed to the project of an “institutionally” centered approach to economics; and (iii) the absence of a cohesive project to explore foundational theoretical congruencies among those heterodox approaches that have a shared vision, values, and a common ontological identity of socially embedded people. Date: 2016 Downloads: (external link) Related works: Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text Persistent link: https://EconPapers.repec.org/RePEc:mes:jeciss:v:50:y:2016:i:2:p:575-583 Ordering information: This journal article can be ordered from DOI: 10.1080/00213624.2016.1179067 Access Statistics for this article More articles in Journal of Economic Issues from Taylor & Francis Journals |
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