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Getting beyond neo-institutionalism: Virgil Storr’s culture of markets

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  • Deirdre McCloskey

Abstract

Storr is a free trader in ideas, bringing back into economics meaning, long banished by behaviorist dogma. His elegant little book, though, is too kind to neo-institutionalists. The followers of Douglass North, repeating without much thought over and over, “Institutions matter,” mean to say that “Institutions are constraints like budget lines. They are not human conversations.” Since the conversational character of markets is Storr’s main point, he would do better to make common cause with “humanomics,” that is, an economics keeping its mathematics and statistics but entering, too, the human conversation since the Epic of Gilgamesh. Copyright Springer Science+Business Media New York 2014

Suggested Citation

  • Deirdre McCloskey, 2014. "Getting beyond neo-institutionalism: Virgil Storr’s culture of markets," The Review of Austrian Economics, Springer;Society for the Development of Austrian Economics, vol. 27(4), pages 463-472, December.
    • Handle: RePEc:kap:revaec:v:27:y:2014:i:4:p:463-472
    DOI: 10.1007/s11138-014-0286-4
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    References listed on IDEAS

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    1. Greif,Avner, 2006. "Institutions and the Path to the Modern Economy," Cambridge Books, Cambridge University Press, number 9780521480444.
    2. McCloskey, Deirdre Nansen, 2006. "The Bourgeois Virtues," University of Chicago Press Economics Books, University of Chicago Press, number 9780226556635, September.
    3. Douglass C. North, 2005. "Introduction to Understanding the Process of Economic Change," Introductory Chapters, in: Understanding the Process of Economic Change, Princeton University Press.
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    Cited by:

    1. Vincent Geloso, 2015. "Deirdre Mccloskey, Kirznerian Growth and The Role of Social Networks," Economic Affairs, Wiley Blackwell, vol. 35(3), pages 453-463, October.

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    More about this item

    Keywords

    Neo-institutionalism; North; Humanomics; Institutions; Weber hypothesis; A12; O43; Z1;
    All these keywords.

    JEL classification:

    • A12 - General Economics and Teaching - - General Economics - - - Relation of Economics to Other Disciplines
    • O43 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - Institutions and Growth
    • Z1 - Other Special Topics - - Cultural Economics

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