Wieser as a theorist of institutional change
In this contribution, we provide an interpretation of Friedrich von Wieser’s contribution to economics, which pays tribute to the originality of his work, and particularly his view of how institutions interfere with individual behavior. This interaction takes place within a disequilibrium framework where social influences such as power or social class, and psychological factors such as force of habit or herd behavior, are the product of human action but also constitute constraints on further action. The section 1 stresses the institutionalist background of Wieser’s economics. We concentrate on Wieser’s general method – which we assimilate to an example of Joseph Agassi’s (1975) institutional individualism – and his analysis of the emergence and evolution of institutions via the dynamics of leaders and masses. In the section 2, we reinforce and illustrate the ‘institutionalist’ stamp of Wieser’s economics by focusing on his work on monetary economics (Wieser 1904, 1909a, 1909b, 1927b) and his analysis of the emergence of money, based on our reading of Wieser’s Social Economics (Wieser [1927a] 1967) and The Law of Power (Wieser  1983).
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|Date of creation:||17 Oct 2015|
|Note:||View the original document on HAL open archive server: https://hal.archives-ouvertes.fr/hal-01216839|
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References listed on IDEAS
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- Robert Ekelund & Mark Thornton, 1987.
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- Arrigo Opocher, 2005. "FORMALIZING WIESER's THEORY OF DISTRIBUTION: CONSISTENT IMPUTATION IN ALTERNATIVE THEORETICAL PERSPECTIVES," Metroeconomica, Wiley Blackwell, vol. 56(2), pages 200-220, 05.
- F. H. Knight, 1925. "A Note on Professor Clark's Illustration of Marginal Productivity," Journal of Political Economy, University of Chicago Press, vol. 33, pages 550-550. Full references (including those not matched with items on IDEAS)
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