Abstract
Most of the institutionalist economists who are alive today learned from Gruchy’s Modern Economic Thought what institutional (holistic) economics was all about and how it differed from orthodoxy. Particularly in the first and final chapters Gruchy provides a lucid and thought-provoking analysis of the fundamental differences between these two ways of defining and practicing economic science.
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Endnotes
Allan G. Gruchy, Modern Economic Thought: The American Contribution (New York: Prentice-Hall, 1947), pp. 557, 563, 564.
Guy H. Orcutt et al., Microanalysis of Socioeconomic Systems: A Simulation Study ( New York: Harper Bros., 1961 ).
An example of a general disequilibrium microanalytic model is Ebbe Yndgaard, GDM: Computerization of Micro-founded Macro Econometric Models (Aarhus, Denmark: Aarhus University, 1977). An example of a general equilibrium microanalytic model is the Adelman- Robinson model of the Korean economy developed in Irma Adelman and Sherman Robinson, Planning for Income Distribution ( Palo Alto: Stanford University Press, 1977 ).
The Adelman-Robinson model is an example of the static type while the dynamic type is exemplified by that described in Robert L. Bennett and Barbara R. Bergmann, A Microsimulated Transactions Model of the United States Economy (forthcoming).
The various Orcutt models have been largely stochastic while that of Bennett and Bergmann is largely deterministic.
Gruchy, Modern Economic Thought, Chs. 3, 6, and 7.
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© 1980 Martinus Nijhoff Publishing
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Bennett, R.L. (1980). Institutionalism and Microanalytic Simulation of Economic Systems. In: Adams, J. (eds) Institutional Economics. Springer, Dordrecht. https://doi.org/10.1007/978-94-009-8736-4_13
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DOI: https://doi.org/10.1007/978-94-009-8736-4_13
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