Institutional Issues that Perplex Mainstream Economics

Bi Fan

Chapter Chapter 1 in The Rationale Behind Change, 2025, pp 1-14 from Springer

Abstract: Abstract Over the past, economists have constructed a grand mansion of economic theories. Most economists, no matter whether they focus on the allocation of resources, or on economic development, or on social reproduction, have found it impossible to study economic issues without studying institutions. In most of the historical periods, an enduring topic of economic studies has been how to build economic institutions that can bring prosperity to a nation and its people. In this sense, a history of economic thoughts is a history of constructing economic institutions. In the following parts, a brief overview is offered concerning the thoughts on economic institutions as presented by different schools of mainstream economics.

Date: 2025
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DOI: 10.1007/978-981-97-8854-5_1

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