Abstract
In appreciation of Ota Sik’s distinguished career-long concern with the evolution of economic systems. I wish, in this chapter briefly to sketch fundamental theoretical characteristics of institutional economics and, in this context, to develop the institutionalist argument that the problem solving process accounts for the evolution of economic systems.2
The author is Professor Emeritus of Economics, California State University, Sacramento, and Editor of The Journal of Economic Issues. He wishes especially to thank Paul Dale Bush for most helpful comments on an earlier draft of this paper. The usual caveats apply.
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Notes
For a recent and comprehensive presentation of this perspective, see Marc R. Tool (ed.) Evolutionary Economics, Vol. I: Foundations of Institutional Thought, and Evolutionary Economics; Vol. II: Institutional Theory and Policy (New York: M.E. Sharpe, 1988).
Marc R. Tool, Essays in Social Value Theory: A Neoinstitutionalist Contribution (Armonk, NY: M.E. Sharpe, 1986), pp. 104–25.
Marc R. Tool, The Discretionary Economy: A Normative Theory of Political Economy (Boulder, Col.: Westview Press, 1985), pp. 274–336.
Thorstein Veblen, The Theory of the Leisure Class (New York: Modern Library, 1934), p. 208.
Thorstein Veblen, Imperial Germany and the Industrial Revolution (New York: Augustus M. Kelley, 1964), passim.
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© 1990 Kurt Dopfer and Karl-F. Raible
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Tool, M.R. (1990). An Institutionalist View of the Evolution of Economic Systems. In: Dopfer, K., Raible, KF. (eds) The Evolution of Economic Systems. Palgrave Macmillan, London. https://doi.org/10.1007/978-1-349-11153-4_15
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DOI: https://doi.org/10.1007/978-1-349-11153-4_15
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