Structural Change and the Compulsive Shift to Institutional Analysis
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In his Presidential Address to the Association for Institutional Thought, Marc R. Tool (1981) reflected on economic science since World War I and described what he saw as evidence of a “compulsive shift” to institutional analysis. “The shift is compulsive,” he stated, “in the sense that the necessity of claiming pertinence to crucial problems of the day compels movement out of and beyond the mainstream conventional wisdom” (Tool 1981, p. 570). Three examples of this shift were discussed in Tool’s address: John Maynard Keynes’s work in response to capitalist instability; Arthur M. Okun’s stagflation research; and microeconomic work on human nature and motivation by Harvey Liebenstein and Herbert A. Simon.
KeywordsCollective Bargaining Market Failure Market Imperfection Annual Average Rate Institutional Analysis
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