Criticism of the fundamental classical postulates is the main focus of attention of the institutional theory. In their works, a number of representatives of the institutionalism have expresses their strong disagreement with the hedonistic principles of profit and loss as being the primary motivating factors guiding human behavior. The main classical concepts have developed from relatively old tendencies, which have been dominating the way of thinking in XVII - XVIII century period. Due to its strong connection with the spiritual order the classical economic, theory places the main focus on the individual rather than the group. Leading institutionalists question this view and embrace the idea, that individual's behavior can only be manifested in a social environment. This and other characteristics, present the classical theory in a static format, unable to react adequately to the dynamics of the social and economic development. Among the fiercest critics of classicism are Clarence E. Ayres and Thorstein Veblen. In this respect, the following article gives an unconventional view on some of the renowned representatives of the institutionalism with their well-grounded criticism of the classical orthodoxy.
Download Info
To download:
If you experience problems downloading a file, check if you have the
proper application to
view it first. Information about this may be contained
in the File-Format links below. In case of further problems read
the IDEAS help
page. Note that these files are not on the IDEAS
site. Please be patient as the files may be large.
As the access to this document is restricted, you may want to look for a different version under "Related research" (further below) or search for a different version of it.
For technical questions regarding this item, or to correct its listing, contact: (Vassil Zahariev).
Related research
Keywords:
Find related papers by JEL classification: B20 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925 - - - General B25 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925 - - - Historical; Institutional; Evolutionary; Austrian B31 - Schools of Economic Thought and Methodology - - History of Thought: Individuals - - - Individuals