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Veblen, Myrdal, and the Convergence Hypothesis: Toward an Institutionalist Critique

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  • John Hall
  • Udo Ludwig

Abstract

An Institutionalist critique that draws from selected contributions of Veblen and Myrdal initiates a convergence debate. Challenged is a Neoclassical interpretation of economic processes expected to lead toward a catching up with respect to per capita output of Germany's poorer eastern region with the richer western region. Economic method is considered, and the Institutionalist School of Thought rooted in contributions of Veblen as well as Myrdal is touted for offering higher levels of explanatory power than the Neoclassical School. We challenge the usefulness of laws in Economic Science, and especially their applicability to the empirical economy. Instead of automatic forces driving a meliorative trend, we seek to establish that human agency and policy play determining roles in affecting economic and societal outcomes in Germany's eastern region.

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  • John Hall & Udo Ludwig, 2010. "Veblen, Myrdal, and the Convergence Hypothesis: Toward an Institutionalist Critique," Journal of Economic Issues, Taylor & Francis Journals, vol. 44(4), pages 943-962.
    • Handle: RePEc:mes:jeciss:v:44:y:2010:i:4:p:943-962
    DOI: 10.2753/JEI0021-3624440405
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    Cited by:

    1. Alberto Botta, 2017. "The Complex Inequality–Innovation–Public Investment Nexus: What We (Don’t) Know, What We Should Know and What We Have to Do," Forum for Social Economics, Taylor & Francis Journals, vol. 46(3), pages 275-298, July.
    2. Jasiecki Krzysztof, 2022. "The coronavirus and center-peripheral relations in the economies of the European Union," International Journal of Management and Economics, Warsaw School of Economics, Collegium of World Economy, vol. 58(3), pages 235-247, September.
    3. Francesca Gambarotto & Stefano Solari, 2015. "The peripheralization of Southern European capitalism within the EMU," Review of International Political Economy, Taylor & Francis Journals, vol. 22(4), pages 788-812, August.

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