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Institutional Economics: Then and Now

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  • Malcolm Rutherford

Abstract

This article gives a history of American institutionalism, and a brief comparison with the more recent "new" institutional economics. Institutionalism was a significant element in American economics between the Wars, but declined rapidly thereafter. The article outlines the movement's initial appeal, its contributions, and the reasons for its decline. Although the "new" institutionalism has few direct ties to the older tradition, some interesting commonalities are found and discussed. Links to the "new institutionalism" in sociology and political science, and to historical work on other "institutional" traditions are also mentioned.

Suggested Citation

  • Malcolm Rutherford, 2001. "Institutional Economics: Then and Now," Journal of Economic Perspectives, American Economic Association, vol. 15(3), pages 173-194, Summer.
    • Handle: RePEc:aea:jecper:v:15:y:2001:i:3:p:173-194
    Note: DOI: 10.1257/jep.15.3.173
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    File URL: http://www.aeaweb.org/articles.php?doi=10.1257/jep.15.3.173
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    References listed on IDEAS

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    JEL classification:

    • B52 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - Historical; Institutional; Evolutionary; Modern Monetary Theory;
    • B25 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925 - - - Historical; Institutional; Evolutionary; Austrian; Stockholm School

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