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An Institutionalist Vision of a Good Economy

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  • Janet Knoedler
  • Geoffrey Schneider

Abstract

The current crisis in global capitalism and the wide-ranging problems that have been caused by the promulgation of a regime of deregulation of goods, services, and labor markets across the globe, but especially in the United States over the past thirty years, may indeed prove to be the end of the neoliberal era. Thus it is an opportune time to reconsider how the global economy could be restructured along more equitable and progressive lines. This paper will present the institutionalist vision of just such a good economy, building on the ideas of Veblen, Ayres, Commons, and Galbraith. The institutionalist vision of a good economy is productive but also non-invidious, democratic but also pragmatic, egalitarian but also efficient. The good economy must therefore be embedded in key social institutions, and be regulated appropriately to preserve the most beneficial social and cultural institutions. The good economy must, furthermore, be a full-employment economy, with jobs available to all who are capable of making productive contributions to their society and to enable those who labor to work in decent conditions. Finally, the good economy must provision all its members with the necessary means of subsistence for them to achieve their human aims.
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  • Janet Knoedler & Geoffrey Schneider, 2010. "An Institutionalist Vision of a Good Economy," Forum for Social Economics, Springer;The Association for Social Economics, vol. 39(3), pages 259-267, October.
    • Handle: RePEc:spr:fosoec:v:39:y:2010:i:3:p:259-267
    DOI: 10.1007/s12143-010-9064-7
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    References listed on IDEAS

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    1. Yngve Ramstad, 2001. "John R. Commons’s Reasonable Value and the Problem of Just Price," Journal of Economic Issues, Taylor & Francis Journals, vol. 35(2), pages 253-277, June.
    2. Yngve Ramstad, 1995. "John R. Commons’s Puzzling Inconsequentiality as an Economic Theorist," Journal of Economic Issues, Taylor & Francis Journals, vol. 29(4), pages 991-1012, December.
    3. Veblen, Thorstein, 1904. "Theory of Business Enterprise," History of Economic Thought Books, McMaster University Archive for the History of Economic Thought, number veblen1904.
    4. Janet Knoedler & Anne Mayhew, 1999. "Thorstein Veblen and the Engineers: A Reinterpretation," History of Political Economy, Duke University Press, vol. 31(2), pages 255-272, Summer.
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