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The Institutional Distancing from the Classicism

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  • Tsvetan Kotsev

Abstract

Criticism of the fundamental classical postulates is the main focus of attention of the institutional theory. In their works, a number of representatives of the institutionalism have expresses their strong disagreement with the hedonistic principles of profit and loss as being the primary motivating factors guiding human behavior. The main classical concepts have developed from relatively old tendencies, which have been dominating the way of thinking in XVII - XVIII century period. Due to its strong connection with the spiritual order the classical economic, theory places the main focus on the individual rather than the group. Leading institutionalists question this view and embrace the idea, that individual's behavior can only be manifested in a social environment. This and other characteristics, present the classical theory in a static format, unable to react adequately to the dynamics of the social and economic development. Among the fiercest critics of classicism are Clarence E. Ayres and Thorstein Veblen. In this respect, the following article gives an unconventional view on some of the renowned representatives of the institutionalism with their well-grounded criticism of the classical orthodoxy.

Suggested Citation

  • Tsvetan Kotsev, 2007. "The Institutional Distancing from the Classicism," Economic Thought journal, Bulgarian Academy of Sciences - Economic Research Institute, issue 7, pages 144-161.
  • Handle: RePEc:bas:econth:y:2007:i:7:p:144-161
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    1. Smith, Adam, 1776. "An Inquiry into the Nature and Causes of the Wealth of Nations," History of Economic Thought Books, McMaster University Archive for the History of Economic Thought, number smith1776.
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    JEL classification:

    • B20 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925 - - - General
    • B25 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925 - - - Historical; Institutional; Evolutionary; Austrian; Stockholm School
    • B31 - Schools of Economic Thought and Methodology - - History of Economic Thought: Individuals - - - Individuals

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