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The Decline of the 'Original Institutional Economics' in the Post-World War II Period and the Perspectives of Today

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  • Arturo Hermann

    (Italian National Institute of Statistics, Rome, Italy)

Abstract

Original, or 'old', institutional economics (OIE) – also known as 'institutionalism' – played a key role in its early stages; it could be said that it was once the 'mainstream economics' of the time. This period ran approximately from the first important contributions of Thorstein Veblen in 1898 to the implementation of the New Deal in the early 1930s, where many institutionalists played a significant role. However, notwithstanding its promising scientific and institutional affirmation, institutional economics underwent a period of marked decline that spanned from the mid-1930s to the late 1980s, when a new season for institutional economics was set in motion. In order to cast some light on this complex issue – without any claim of completeness – we have organised the work as follows: in the first section we consider the main interpretations of this phenomenon. In the subsequent sections we analyse a number of 'endogenous' aspects which might have played a significant role in the period of decline: (i) the relations of institutional economics with Keynes's macroeconomic theory; (ii) the links between theoretical and empirical analysis and the supposed lack of a clear theory; (iii) the interdisciplinary orientation.

Suggested Citation

  • Arturo Hermann, 2018. "The Decline of the 'Original Institutional Economics' in the Post-World War II Period and the Perspectives of Today," Economic Thought, World Economics Association, vol. 7(1), pages 63-86, March.
    • Handle: RePEc:wea:econth:v:7:y:2018:i:1:p:63
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    File URL: http://et.worldeconomicsassociation.org/files/2018/04/WEA-ET-7-1-Hermann.pdf
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    References listed on IDEAS

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    Cited by:

    1. Vyacheslav Volchik & Elena Maslyukova & Wadim Strielkowski, 2023. "Perception of Scientific and Social Values in the Sustainable Development of National Innovation Systems," Social Sciences, MDPI, vol. 12(4), pages 1-18, April.
    2. Drakopoulos, Stavros A. & Katselidis, Ioannis, 2021. "The Old Institutional School and Labour Market Functions and Policies," MPRA Paper 110794, University Library of Munich, Germany.
    3. Arturo Hermann, 2020. "The Psychological Contributions of Pragmatism and of Original Institutional Economics and their Implications for Policy Action," Economic Thought, World Economics Association, vol. 9(1), pages 48-71, July.
    4. Ioannis A. Katselidis, 2019. "Institutions, Policy and the Labour Market: The Contribution of the Old Institutional Economics," Economic Thought, World Economics Association, vol. 8, pages 13-30, December.

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