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The Institutionalist Theory of the Business Enterprise: Past, Present, and Future

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  • Jo, Tae-Hee

Abstract

This paper examines the historical developments of the institutionalist theory of the business enterprise since early 1900s. We will examine the major contributions in order to find the theoretical characteristics of the institutionalist theory of the business enterprise vis-à-vis evolving capitalism. The paper begins with a discussion of the present state of the institutional theory, looks back on the original ideas of Veblen and Commons, and goes on to later contributions, such as Gardiner Means, John Kenneth Galbraith, William Dugger, and Alfred Eichner. The paper concludes with a discussion as to what should be done for the further development of the institutionalist theory of the business enterprise.

Suggested Citation

  • Jo, Tae-Hee, 2018. "The Institutionalist Theory of the Business Enterprise: Past, Present, and Future," MPRA Paper 84036, University Library of Munich, Germany.
    • Handle: RePEc:pra:mprapa:84036
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    1. David Dequech, 2002. "The Demarcation between the "Old" and the "New" Institutional Economics: Recent Complications," Journal of Economic Issues, Taylor & Francis Journals, vol. 36(2), pages 565-572, June.
    2. Jo, Tae-Hee & Henry, John F., 2013. "Take the Money and Run: The Business Enterprise in the Age of Money Manager Capitalism," MPRA Paper 48782, University Library of Munich, Germany.
    3. Marc Lavoie, 2014. "Post-Keynesian Economics: New Foundations," Post-Print hal-01343652, HAL.
    4. Jo, Tae-Hee, 2016. "A Heterodox Theory of the Business Enterprise," MPRA Paper 72426, University Library of Munich, Germany.
    5. Michael Dietrich & Jackie Krafft (ed.), 2012. "Handbook on the Economics and Theory of the Firm," Books, Edward Elgar Publishing, number 13623.
    6. Killian J. McCarthy, 2013. "The Business Environment," Palgrave Macmillan Books, in: Understanding Mergers and Acquisitions in the 21st Century, chapter 2, pages 11-36, Palgrave Macmillan.
    7. Veblen, Thorstein, 1921. "The Engineers and the Price System," History of Economic Thought Books, McMaster University Archive for the History of Economic Thought, number veblen1921.
    8. Janet T. Knoedler, 1995. "Transaction Cost Theories of Business Enterprise from Williamson and Veblen: Convergence, Divergence, and Some Evidence," Journal of Economic Issues, Taylor & Francis Journals, vol. 29(2), pages 385-395, June.
    9. Tae-Hee Jo, 2015. "Financing Investment under Fundamental Uncertainty and Instability: A Heterodox Microeconomic View," Bulletin of Political Economy, Bulletin of Political Economy, vol. 9(1), pages 33-54, June.
    10. John Groenewegen, 2004. "Who Should Control the Firm? Insights from New and Original Institutional Economics," Journal of Economic Issues, Taylor & Francis Journals, vol. 38(2), pages 353-361, June.
    11. Dunn,Stephen P., 2012. "The Economics of John Kenneth Galbraith," Cambridge Books, Cambridge University Press, number 9781107404489.
    12. Ralph L. Nelson, 1959. "Merger Movements in American Industry, 1895-1956," NBER Books, National Bureau of Economic Research, Inc, number nels59-1, March.
    13. Tae-Hee Jo, 2016. "What If There Are No Conventional Price Mechanisms?," Journal of Economic Issues, Taylor & Francis Journals, vol. 50(2), pages 327-344, April.
    14. Rutherford,Malcolm, 1996. "Institutions in Economics," Cambridge Books, Cambridge University Press, number 9780521574471.
    15. Veblen, Thorstein, 1904. "Theory of Business Enterprise," History of Economic Thought Books, McMaster University Archive for the History of Economic Thought, number veblen1904.
    16. Stephen P. Dunn, 2012. "John Kenneth Galbraith and the Theory of the Firm," Chapters, in: Michael Dietrich & Jackie Krafft (ed.), Handbook on the Economics and Theory of the Firm, chapter 8, Edward Elgar Publishing.
    17. Killian J. McCarthy & Wilfred Dolfsma, 2013. "Understanding Mergers and Acquisitions in the 21st Century," Palgrave Macmillan Books, Palgrave Macmillan, number 978-1-137-27807-4.
    18. Oliver E. Williamson & Scott E. Masten (ed.), 1995. "Transaction Cost Economics," Books, Edward Elgar Publishing, volume 0, number 594.
    19. J. A. Kregel, 1990. "The Integration of Micro and Macroeconomics through Macrodynamic Megacorps: Eichner and the “Post-Keynesians”," Journal of Economic Issues, Taylor & Francis Journals, vol. 24(2), pages 523-534, June.
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    Cited by:

    1. Essiane, Patrick-Nelson Daniel, 2020. "De l'Ancienne Economie Institutionnelle à la Nouvelle Economie Institutionnelle: une introduction à quelques débats [Old Institutional Economics and New Institutional Economics: an Introduction to ," MPRA Paper 102858, University Library of Munich, Germany.
    2. Alexandre Chirat, 2021. "When Berle and Galbraith brought political economy back to life : Study of a cross-fertilization (1933-1967)," EconomiX Working Papers 2021-27, University of Paris Nanterre, EconomiX.
    3. Tae-Hee Jo, 2021. "A Veblenian Critique of Nelson and Winter’s Evolutionary Theory," Journal of Economic Issues, Taylor & Francis Journals, vol. 55(4), pages 1101-1117, October.
    4. Kosta Josifidis & Novica Supic, 2020. "Innovation and Income Inequality in the USA: Ceremonial versus Institutional Changes," Journal of Economic Issues, Taylor & Francis Journals, vol. 54(2), pages 486-494, April.
    5. Ferguson-Cradler, Gregory, 2020. "Ownership in the electricity market: Property, the firm, and the climate crisis," MPIfG Discussion Paper 20/5, Max Planck Institute for the Study of Societies.
    6. Franck Bailly, 2022. "When mainstream economics does human resource management: a critique of personnel economics’ prescriptive ambition," Post-Print hal-03711945, HAL.
    7. 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.
    8. Valentinov, Vladislav & Roth, Steffen, 2022. "Chester Barnard’s theory of the firm: An institutionalist view," EconStor Open Access Articles and Book Chapters, ZBW - Leibniz Information Centre for Economics, vol. 56(3), pages 707-720.

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    More about this item

    Keywords

    Theory of the business enterprise; institutional economics; evolution of capitalism;
    All these keywords.

    JEL classification:

    • B50 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - General
    • B52 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - Historical; Institutional; Evolutionary; Modern Monetary Theory;
    • D20 - Microeconomics - - Production and Organizations - - - General

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