The New Palgrave Dictionary of Economics

2018 Edition
| Editors: Macmillan Publishers Ltd

Institutionalism, Old

  • Malcolm Rutherford
Reference work entry
DOI: https://doi.org/10.1057/978-1-349-95189-5_2747

Abstract

What is now called ‘old’ institutional economics was a central part of a pluralistic American economics during the inter-war period. It is a tradition that still exists today but as a marginal heterodoxy to a dominant neoclassical mainstream. By the early 1920s it had established itself as an appealing programme with a major presence at leading universities and research institutes. Institutionalist work over the inter-war period included significant contributions to economic measurement and analysis. A number of factors led to the decline of institutional economics after the Second World War, but institutionalism has continued in a modified form, and still attracts adherents today.

Keywords

Adams, H.C Administered pricing Ayres, C.E Business cycles Clark, J.M Collective bargaining Commons, J.R Conciliation and mediation Conspicuous consumption Cooley, C.H Dewey, J Ely, R.T Hamilton, W.H Hobson, J.A Household economics Household production Institutional economics Institutionalism, old Marginal utility theory Market failure Mitchell, W.C Monopoly National Bureau of Economic Research New Deal Overhead costs Perfect competition Planning Public utilities Public utility regulation Separation of ownership and control Social norms Underconsumptionism Veblen, T 

JEL Classification

B5 
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Copyright information

© Macmillan Publishers Ltd. 2018

Authors and Affiliations

  • Malcolm Rutherford
    • 1
  1. 1.