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The Veblenian Roots of Institutional Political Economy

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  • Kirsten Ford

Abstract

The term Institutional Economics has been applied to some of capitalisms strongest critics as well as its most ardent apologists. This paradox in terms has bred contradictory literature in development economics, some declaring the death of this line of thought while others herald its resurgence. In examining the roots of Institutional economics, this paper attempts to disentangle the ambiguity surrounding this label. The Institutional Political Economy of Ha-Joon Chang will then be examined as a return to Institutionalisms radical roots in development economics. Concluding remarks suggest that this approach is capable of encompassing gender as an analytical category, an extension that would improve the ability of policy makers to assess the impacts of macroeconomic policy.

Suggested Citation

  • Kirsten Ford, 2011. "The Veblenian Roots of Institutional Political Economy," Working Paper Series, Department of Economics, University of Utah 2011_07, University of Utah, Department of Economics.
    • Handle: RePEc:uta:papers:2011_07
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    1. Thorstein Veblen, 1909. "The Limitations of Marginal Utility," Journal of Political Economy, University of Chicago Press, vol. 17, pages 620-620.
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    Keywords

    History of Economic Thought; Veblen; Institutionalism; Methodology JEL Classification: B000; B150; B250; B400;
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