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Evolutionary Themes in the Austrian Tradition: Menger, von Wieser and Schumpeter on Institutions and Rationality

Richard Arena and Sandye Gloria-Palermo

Chapter 11 in The Evolution of Economic Institutions, 2007 from Edward Elgar Publishing

Abstract: It is now widely acknowledged that institutions are a crucial factor in economic performance. Major developments have been made in our understanding of the nature and evolution of economic institutions in the last few years. This book brings together some key contributions in this area by leading internationally renowned scholars including Paul A. David, Christopher Freeman, Alan P. Kirman, Jan Kregel, Brian J. Loasby, J. Stanley Metcalfe, Bart Nooteboom and Ugo Pagano. This essential reader covers topics such as the relationship between institutions and individuals, institutions and economic development, the nature and role of markets, and the theory of institutional evolution. The book not only outlines cutting-edge developments in the field but also indicates key directions of future research for institutional and evolutionary economics.

Keywords: Economics and Finance (search for similar items in EconPapers)
Date: 2007
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