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Institutions in the economy and some institutions of mainstream economics: From the late 1970s to the 2008 financial and economic crisis

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  • David Dequech

Abstract

This article proposes a conceptual and theoretical institutional approach to the relations between the economy and economics and uses it to examine, through a structured survey of the literature, the relations between institutions in the economy and the institutions of mainstream economics, macroeconomics, and financial economics, highlighting issues related to the financial and macroeconomic crisis and focusing on the United States from the late 1970s to 2008. Institutions are socially shared systems of rules of behavior or of thought. Some systems of mental and behavioral rules are socially shared among economic agents and policymakers in part because they are socially shared among academic economists. They may exert on economic agents and policymakers some of the same types of influence they have on economists. On the other hand, there are important limits to the influence of the institutions of economics outside academia, and institutions in the economy also influence the institutions of economics.

Suggested Citation

  • David Dequech, 2018. "Institutions in the economy and some institutions of mainstream economics: From the late 1970s to the 2008 financial and economic crisis," Journal of Post Keynesian Economics, Taylor & Francis Journals, vol. 41(3), pages 478-506, July.
    • Handle: RePEc:mes:postke:v:41:y:2018:i:3:p:478-506
    DOI: 10.1080/01603477.2018.1431796
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    Cited by:

    1. Franck Bailly, 2022. "When mainstream economics does human resource management: a critique of personnel economics’ prescriptive ambition," Post-Print hal-03711945, HAL.
    2. Frank Bailly, 2022. "When mainstream economics does human resource management: a critique of personnel economics' prescriptive ambition," PSL Quarterly Review, Economia civile, vol. 75(301), pages 103-117.

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