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Institutional Economics
Institutional economics focuses on understanding the role of the evolutionary process and the role of institutions in shaping economic behavior. Its original focus lay in Thorstein Veblen's instinct-oriented dichotomy between technology on the one side and the "ceremonial" sphere of society on the other. Its name and core elements trace back to a 1919 ''American Economic Review'' article by Walton H. Hamilton. Institutional economics emphasizes a broader study of institutions and views markets as a result of the complex interaction of these various institutions (e.g. individuals, firms, states, social norms). The earlier tradition continues today as a leading heterodox approach to economics.Warren J. Samuels ( 9872008). "institutional economics," '' The New Palgrave: A Dictionary of Economics''Abstract. "Traditional" institutionalism rejects the ''reduction'' of institutions to simply tastes, technology, and nature (see naturalistic fallacy). Tastes, along with expectations ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Sociocultural Evolution
Sociocultural evolution, sociocultural evolutionism or social evolution are theories of sociobiology and cultural evolution that describe how societies and culture change over time. Whereas sociocultural development traces processes that tend to increase the complexity of a society or culture, sociocultural evolution also considers process that can lead to decreases in complexity ( degeneration) or that can produce variation or proliferation without any seemingly significant changes in complexity (cladogenesis). Sociocultural evolution is "the process by which structural reorganization is affected through time, eventually producing a form or structure which is qualitatively different from the ancestral form". Most of the 19th-century and some 20th-century approaches to socioculture aimed to provide models for the evolution of humankind as a whole, arguing that different societies have reached different stages of social development. The most comprehensive attempt to develop a ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Wesley Mitchell
Wesley Clair Mitchell (August 5, 1874 – October 29, 1948) was an American economist known for his empirical work on business cycles and for guiding the National Bureau of Economic Research in its first decades. Mitchell was referred to as Thorstein Veblen's "star student." Paul Samuelson named Mitchell (along with Harry Gunnison Brown, Allyn Abbott Young, Henry Ludwell Moore, Frank Knight, Jacob Viner, and Henry Schultz) as one of the several "American saints in economics" born after 1860. Biography Mitchell was born in Rushville, Illinois, the second child and oldest son of a Civil War army doctor turned farmer. In a family with seven children and a disabled father with an appetite for business ventures "verging on rashness" a lot of responsibility fell on the oldest son. Despite these challenges, Wesley Clair went to study at the University of Chicago and was awarded a PhD in 1899. Mitchell's career as a researcher and teacher took the following course: instructor in e ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Shimshon Bichler
Shimshon Bichler is an educator who teaches political economy at colleges and universities in Israel. Along with Jonathan Nitzan, Bichler has created a power theory of capitalism and theory of differential accumulation in their analysis of the political economy of wars, Israel, and globalization. Work Nitzan and Bichler share an intellectual legacy with institutional political economists such as Thorstein Veblen Thorstein Bunde Veblen (July 30, 1857 – August 3, 1929) was a Norwegian-American economist and sociologist who, during his lifetime, emerged as a well-known critic of capitalism. In his best-known book, ''The Theory of the Leisure Class'' .... In particular, they share Veblen's explanation that business exists with the end of pecuniary (monetary) gain and not the accumulation of goods of consumption or of physical machines. According to their power theory of value (introduced in their ''Capital as Power: A Study of Order and Creorder'', published 2009), in ca ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Jonathan Nitzan
Jonathan Nitzan is Professor of Political Economy at York University, Toronto, Canada. Work Nitzan is the co-author (with Shimshon Bichler) of ''Capital as Power: A Study of Order and Creorder'', published 2009. Their writings focus of the nature of capital in capitalism and provide an alternative view to that of Marxian and neoclassical economics. In their theory, capital is the quantification of power. According to their power theory of value, in capitalism, power is the governing principle as rooted in the centrality of private ownership. Private ownership is wholly and only an act of institutionalized exclusion, and institutionalized exclusion is a matter of organized power. Central to this theory is the concept of differential accumulation where firms strive to profit more by beating the average profit level. Nitzan and Bichler share an intellectual legacy with institutional political economists such as Thorstein Veblen. In particular, they share Veblen's explanation that ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Geoffrey Hodgson
Geoffrey Martin Hodgson (born 28 July 1946, Watford) is Emeritus Professor in Management at the London campus of Loughborough University, and also the editor-in-chief of the ''Journal of Institutional Economics.'' Hodgson is recognised as one of the leading figures of modern critical institutionalism which carries forth the critical spirit and intellectual tradition of the founders of institutional economics, particularly that of Thorstein Veblen. His broad research interests span from evolutionary economics and history of economic thought to Marxism and theoretical biology. He first became known for his book ''Economics and Institutions: A Manifesto for a Modern Institutional Economics'' (1988), which criticises modern 'mainstream' economics and calls to revise economic theory on the new grounds of institutionalism. His reputation has become enhanced owing to the trilogy of more recent books – ''Economics and Utopia'' (1999), ''How Economics Forgot History'' (2001) and ''Th ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Marc Tool
Marc or MARC may refer to: People * Marc (given name), people with the first name * Marc (surname), people with the family name Acronyms * MARC standards, a data format used for library cataloging, * MARC Train, a regional commuter rail system of the State of Maryland, serving Maryland, Washington, D.C., and eastern West Virginia * MARC (archive), a computer-related mailing list archive * M/A/R/C Research, a marketing research and consulting firm * Massachusetts Animal Rights Coalition, a non-profit, volunteer organization * Matador Automatic Radar Control, a guidance system for the Martin MGM-1 Matador cruise missile * Mid-America Regional Council, the Council of Governments and the Metropolitan Planning Organization for the bistate Kansas City region * Midwest Association for Race Cars, a former American stock car racing organization * Revolutionary Agrarian Movement of the Bolivian Peasantry (''Movimiento Agrario Revolucionario del Campesinado Boliviano''), a defunct right- ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Warren Samuels
Warren Joseph Samuels (September 14, 1933 – August 17, 2011) was an American economist and historian of economic thought. He received a BBA from University of Miami, Miami, FL and obtained his Ph.D. from University of Wisconsin–Madison. After holding academic posts in the University of Missouri, Georgia State University, Atlanta, and University of Miami, he was appointed Professor of Economics in Michigan State University in 1968, where he stayed until his retirement in 1998. Warren Samuels made contributions to the history of economic thought and the methodology of economics. His work was inspired primarily by his "interest in generating greater clarity as to the economic role of government both in the history of economic thought and in contemporary economics". He described himself as "a self-professed institutionalist (in a blend of several other schools)." Samuels (2011), p.&nbsxix Samuels received the Distinguished Faculty Award from Michigan State Universit He was a ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Robert H
The name Robert is an ancient Germanic given name, from Proto-Germanic "fame" and "bright" (''Hrōþiberhtaz''). Compare Old Dutch ''Robrecht'' and Old High German ''Hrodebert'' (a compound of '' Hruod'' ( non, Hróðr) "fame, glory, honour, praise, renown" and '' berht'' "bright, light, shining"). It is the second most frequently used given name of ancient Germanic origin. It is also in use as a surname. Another commonly used form of the name is Rupert. After becoming widely used in Continental Europe it entered England in its Old French form ''Robert'', where an Old English cognate form (''Hrēodbēorht'', ''Hrodberht'', ''Hrēodbēorð'', ''Hrœdbœrð'', ''Hrœdberð'', ''Hrōðberχtŕ'') had existed before the Norman Conquest. The feminine version is Roberta. The Italian, Portuguese, and Spanish form is Roberto. Robert is also a common name in many Germanic languages, including English, German, Dutch, Norwegian, Swedish, Scots, Danish, and Icelandic. It ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Behavioral Economics
Behavioral economics studies the effects of psychological, cognitive, emotional, cultural and social factors on the decisions of individuals or institutions, such as how those decisions vary from those implied by classical economic theory. Behavioral economics is primarily concerned with the bounds of rationality of economic agents. Behavioral models typically integrate insights from psychology, neuroscience and microeconomic theory. The study of behavioral economics includes how market decisions are made and the mechanisms that drive public opinion. The concepts used in behavioral economics today can be traced back to 18th-century economists, such as Adam Smith, who deliberated how the economic behavior of individuals could be influenced by their desires. The status of behavioral economics as a subfield of economics is a fairly recent development; the breakthroughs that laid the foundation for it were published through the last three decades of the 20th century. Beha ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Law And Economics
Law and economics, or economic analysis of law, is the application of microeconomic theory to the analysis of law, which emerged primarily from scholars of the Chicago school of economics. Economic concepts are used to explain the effects of laws, to assess which legal rules are economically efficient, and to predict which legal rules will be promulgated. There are two major branches of law and economics; one based on the application of the methods and theories of neoclassical economics to the positive and normative analysis of the law, and a second branch which focuses on an institutional analysis of law and legal institutions, with a broader focus on economic, political, and social outcomes, and overlapping with analyses of the institutions of politics and governance. History Origin The historical antecedents of law and economics can be traced back to the classical economists, who are credited with the foundations of modern economic thought. As early as the 18th century, ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Neoclassical Economics
Neoclassical economics is an approach to economics in which the production, consumption and valuation (pricing) of goods and services are observed as driven by the supply and demand model. According to this line of thought, the value of a good or service is determined through a hypothetical maximization of utility by income-constrained individuals and of profits by firms facing production costs and employing available information and factors of production. This approach has often been justified by appealing to rational choice theory, a theory that has come under considerable question in recent years. Neoclassical economics historically dominated macroeconomics and, together with Keynesian economics, formed the neoclassical synthesis which dominated mainstream economics as "neo-Keynesian economics" from the 1950s to the 1970s.Clark, B. (1998). ''Principles of political economy: A comparative approach''. Westport, Connecticut: Praeger. Nadeau, R. L. (2003). ''The Wealth o ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
New Institutional Economics
New Institutional Economics (NIE) is an economic perspective that attempts to extend economics by focusing on the institutions (that is to say the social and legal norms and rules) that underlie economic activity and with analysis beyond earlier institutional economics and neoclassical economics. Unlike neoclassical economics, it also considers the role of culture and classical political economy in economic development. The NIE assume that individuals are rational and that they seek to maximize their preferences, but that they also have cognitive limitations, lack complete information and have difficulties monitoring and enforcing agreements. As a result, institutions form in large part as an effective way to deal with transaction costs. NIE rejects that the state is a neutral actor (rather, it can hinder or facilitate effective institutions), that there are zero transaction costs, and that actors have fixed preferences. Overview It has its roots in two articles by Ronald Coase ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
