 The development of institutional analysisGeoffrey M. Hodgson () Chapter 9 in From Marx to Markets, 2025, pp 196-229 from Edward Elgar Publishing Abstract: This chapter overviews Geoffrey Hodgson's work since 2004 on the nature and role of institutions, including organizations, law, property, markets, business firms, and the nature and evolution of capitalism. Following everyday usage, organizations are considered a type of institution. The distinction between formal and informal institutions is considered and defined. Institutions and individuals interact and mutually constitute one another. Turning to the theory of the firm, the role of opportunism is addressed. The firm is defined as a legal entity. Markets are treated as institutions, not as the universal ether of human interaction. The widespread confusion of capital goods with financial capital is criticized. The importance of finance capital is emphasized in Conceptualizing Capitalism (2015), The Wealth of a Nation (2023), and other works, as well as the role of the state in maintaining key capitalist institutions, including property rights, contracts, corporations, markets, money, and financial institutions. Keywords: Institutional economics; Institutions; Formal institutions; Organizations; Capital; Capitalism (search for similar items in EconPapers) Downloads: (external link) Related works: Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text Persistent link: https://EconPapers.repec.org/RePEc:elg:eechap:24111_9 Ordering information: This item can be ordered from Access Statistics for this chapter More chapters in Chapters from Edward Elgar Publishing |
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