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Institutionalist Clues in Celso Furtado’s Economic Thought

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  • Nastasi, Federico
  • Spagano, Salvatore

Abstract

The Brazilian economist Celso Furtado escapes from the traditional distinctions among different schools of thought. Indeed, he made large use of tools from various proveniences according to a pragmatic approach. Nonetheless, this paper shows that his work also contains several characteristic elements of the institutionalist tradition. In the early 1960s, Furtado placed institutions at the centre of his analysis of the evolution of the economic history. Moreover, he rejected the kind of determinism that follows a concept of choice entirely dependent on the utility-maximizing rationality. Coherently, he opposed the New Institutional Economics as an example of neoclassical retread of institutional issues. Finally, and especially, even without theorizing it, he adopted the institutionalised individual as an economic agent. This choice, rather than that of the homo oeconomicus, implied assuming an agent able to shape institutions that, in turn, influence human behaviours according to a downward cumulative causation.

Suggested Citation

  • Nastasi, Federico & Spagano, Salvatore, 2023. "Institutionalist Clues in Celso Furtado’s Economic Thought," MPRA Paper 120242, University Library of Munich, Germany.
    • Handle: RePEc:pra:mprapa:120242
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    References listed on IDEAS

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    3. Bielschowsky, Ricardo, 2006. "Vigencia de los aportes de Celso Furtado al estructuralismo," Revista CEPAL, Naciones Unidas Comisión Económica para América Latina y el Caribe (CEPAL), April.
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    6. Oliver E. Williamson, 2000. "The New Institutional Economics: Taking Stock, Looking Ahead," Journal of Economic Literature, American Economic Association, vol. 38(3), pages 595-613, September.
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    More about this item

    Keywords

    Furtado; Structuralism; Institutionalism;
    All these keywords.

    JEL classification:

    • B2 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925

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