IDEAS home Printed from https://ideas.repec.org/p/pra/mprapa/84036.html
   My bibliography  Save this paper

The Institutionalist Theory of the Business Enterprise: Past, Present, and Future

Author

Listed:
  • Jo, Tae-Hee

Abstract

This paper examines the historical developments of the institutionalist theory of the business enterprise since early 1900s. We will examine the major contributions in order to find the theoretical characteristics of the institutionalist theory of the business enterprise vis-à-vis evolving capitalism. The paper begins with a discussion of the present state of the institutional theory, looks back on the original ideas of Veblen and Commons, and goes on to later contributions, such as Gardiner Means, John Kenneth Galbraith, William Dugger, and Alfred Eichner. The paper concludes with a discussion as to what should be done for the further development of the institutionalist theory of the business enterprise.

Suggested Citation

  • Jo, Tae-Hee, 2018. "The Institutionalist Theory of the Business Enterprise: Past, Present, and Future," MPRA Paper 84036, University Library of Munich, Germany.
    • Handle: RePEc:pra:mprapa:84036
    as

    Download full text from publisher

    File URL: https://mpra.ub.uni-muenchen.de/84036/1/MPRA_paper_84036.pdf
    File Function: original version
    Download Restriction: no
    ---><---

    Other versions of this item:

    References listed on IDEAS

    as
    1. Jo, Tae-Hee & Henry, John F., 2013. "Take the Money and Run: The Business Enterprise in the Age of Money Manager Capitalism," MPRA Paper 48782, University Library of Munich, Germany.
    2. Michael Dietrich & Jackie Krafft (ed.), 2012. "Handbook on the Economics and Theory of the Firm," Books, Edward Elgar Publishing, number 13623.
    3. Killian J. McCarthy, 2013. "The Business Environment," Palgrave Macmillan Books, in: Understanding Mergers and Acquisitions in the 21st Century, chapter 2, pages 11-36, Palgrave Macmillan.
    4. Veblen, Thorstein, 1921. "The Engineers and the Price System," History of Economic Thought Books, McMaster University Archive for the History of Economic Thought, number veblen1921.
    5. Janet T. Knoedler, 1995. "Transaction Cost Theories of Business Enterprise from Williamson and Veblen: Convergence, Divergence, and Some Evidence," Journal of Economic Issues, Taylor & Francis Journals, vol. 29(2), pages 385-395, June.
    6. Tae-Hee Jo, 2015. "Financing Investment under Fundamental Uncertainty and Instability: A Heterodox Microeconomic View," Bulletin of Political Economy, Bulletin of Political Economy, vol. 9(1), pages 33-54, June.
    7. John Groenewegen, 2004. "Who Should Control the Firm? Insights from New and Original Institutional Economics," Journal of Economic Issues, Taylor & Francis Journals, vol. 38(2), pages 353-361, June.
    8. Ralph L. Nelson, 1959. "Merger Movements in American Industry, 1895-1956," NBER Books, National Bureau of Economic Research, Inc, number nels59-1.
    9. Rutherford,Malcolm, 1996. "Institutions in Economics," Cambridge Books, Cambridge University Press, number 9780521574471.
    10. Dunn,Stephen P., 2012. "The Economics of John Kenneth Galbraith," Cambridge Books, Cambridge University Press, number 9781107404489.
    11. Veblen, Thorstein, 1904. "Theory of Business Enterprise," History of Economic Thought Books, McMaster University Archive for the History of Economic Thought, number veblen1904.
    12. Stephen P. Dunn, 2012. "John Kenneth Galbraith and the Theory of the Firm," Chapters, in: Michael Dietrich & Jackie Krafft (ed.), Handbook on the Economics and Theory of the Firm, chapter 8, Edward Elgar Publishing.
    13. Killian J. McCarthy & Wilfred Dolfsma, 2013. "Understanding Mergers and Acquisitions in the 21st Century," Palgrave Macmillan Books, Palgrave Macmillan, number 978-1-137-27807-4, October.
    14. J. A. Kregel, 1990. "The Integration of Micro and Macroeconomics through Macrodynamic Megacorps: Eichner and the “Post-Keynesians”," Journal of Economic Issues, Taylor & Francis Journals, vol. 24(2), pages 523-534, June.
    15. David Dequech, 2002. "The Demarcation between the "Old" and the "New" Institutional Economics: Recent Complications," Journal of Economic Issues, Taylor & Francis Journals, vol. 36(2), pages 565-572, June.
    16. Marc Lavoie, 2014. "Post-Keynesian Economics: New Foundations," Post-Print hal-01343652, HAL.
    17. Jo, Tae-Hee, 2016. "A Heterodox Theory of the Business Enterprise," MPRA Paper 72426, University Library of Munich, Germany.
    18. Tae-Hee Jo, 2016. "What If There Are No Conventional Price Mechanisms?," Journal of Economic Issues, Taylor & Francis Journals, vol. 50(2), pages 327-344, April.
    19. Oliver E. Williamson & Scott E. Masten (ed.), 1995. "Transaction Cost Economics," Books, Edward Elgar Publishing, volume 0, number 594.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Franck Bailly, 2022. "When mainstream economics does human resource management: a critique of personnel economics’ prescriptive ambition," Post-Print hal-03711945, HAL.
    2. Tae-Hee Jo, 2021. "A Veblenian Critique of Nelson and Winter’s Evolutionary Theory," Journal of Economic Issues, Taylor & Francis Journals, vol. 55(4), pages 1101-1117, October.
    3. Valentinov, Vladislav & Roth, Steffen, 2022. "Chester Barnard’s theory of the firm: An institutionalist view," EconStor Open Access Articles and Book Chapters, ZBW - Leibniz Information Centre for Economics, vol. 56(3), pages 707-720.
    4. Essiane, Patrick-Nelson Daniel, 2020. "De l'Ancienne Economie Institutionnelle à la Nouvelle Economie Institutionnelle: une introduction à quelques débats [Old Institutional Economics and New Institutional Economics: an Introduction to ," MPRA Paper 102858, University Library of Munich, Germany.
    5. Alexandre Chirat, 2021. "When Berle and Galbraith brought political economy back to life : Study of a cross-fertilization (1933-1967)," EconomiX Working Papers 2021-27, University of Paris Nanterre, EconomiX.
    6. Marko Lah & Andrej Sušjan, 2024. "A Heterodox Approach to Masstige: Brand Fetishism, Corporate Pricing, and Rules of Consumer Choice," Review of Radical Political Economics, Union for Radical Political Economics, vol. 56(2), pages 214-232, June.
    7. Kosta Josifidis & Novica Supic, 2020. "Innovation and Income Inequality in the USA: Ceremonial versus Institutional Changes," Journal of Economic Issues, Taylor & Francis Journals, vol. 54(2), pages 486-494, April.
    8. Ferguson-Cradler, Gregory, 2020. "Ownership in the electricity market: Property, the firm, and the climate crisis," MPIfG Discussion Paper 20/5, Max Planck Institute for the Study of Societies.
    9. Frank Bailly, 2022. "When mainstream economics does human resource management: a critique of personnel economics' prescriptive ambition," PSL Quarterly Review, Economia civile, vol. 75(301), pages 103-117.

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Jo, Tae-Hee, 2013. "Uncertainty, Instability, and the Control of Markets," MPRA Paper 47936, University Library of Munich, Germany.
    2. Tae-Hee Jo, 2021. "Veblen’s evolutionary methodology and its implications for heterodox economics in the calculable future," Review of Evolutionary Political Economy, Springer, vol. 2(2), pages 277-295, July.
    3. Tae-Hee Jo & John F. Henry, 2015. "The Business Enterprise in the Age of Money Manager Capitalism," Journal of Economic Issues, Taylor & Francis Journals, vol. 49(1), pages 23-46, January.
    4. Tae-Hee Jo, 2016. "What If There Are No Conventional Price Mechanisms?," Journal of Economic Issues, Taylor & Francis Journals, vol. 50(2), pages 327-344, April.
    5. Jo, Tae-Hee, 2016. "A Heterodox Theory of the Business Enterprise," MPRA Paper 72426, University Library of Munich, Germany.
    6. Malcolm Rutherford, 2001. "Institutional Economics: Then and Now," Journal of Economic Perspectives, American Economic Association, vol. 15(3), pages 173-194, Summer.
    7. Noriko Ishida, 2021. "Thorstein Veblen on economic man: toward a new method of describing human nature, society, and history," Evolutionary and Institutional Economics Review, Springer, vol. 18(2), pages 527-547, September.
    8. Geoffrey M. Hodgson, 2012. "Veblen, Commons and the Theory of the Firm," Chapters, in: Michael Dietrich & Jackie Krafft (ed.), Handbook on the Economics and Theory of the Firm, chapter 5, Edward Elgar Publishing.
    9. Helge Peukert, 2001. "On the Origins of Modern Evolutionary Economics: The Veblen Legend after 100 Years," Journal of Economic Issues, Taylor & Francis Journals, vol. 35(3), pages 543-555, September.
    10. Nitzan, Jonathan, 2001. "Regimes of Differential Accumulation: Mergers, Stagflation and the Logic of Globalization," EconStor Open Access Articles and Book Chapters, ZBW - Leibniz Information Centre for Economics, vol. 8(2), pages 226-274.
    11. Jo, Tae-Hee & Henry, John F., 2013. "Take the Money and Run: The Business Enterprise in the Age of Money Manager Capitalism," MPRA Paper 48782, University Library of Munich, Germany.
    12. Davanzati, Guglielmo Forges, 2018. "Structural change driven by institutions: Thorstein veblen revised," Structural Change and Economic Dynamics, Elsevier, vol. 45(C), pages 105-110.
    13. Parada, Jairo, 2016. "Economia Pluralista para Enfrentar Crisis Contemporanea [Pluralist Economics to Confront Recent Crisis]," MPRA Paper 72224, University Library of Munich, Germany, revised 15 May 2016.
    14. Tae-Hee Jo, 2011. "A Heterodox Microfoundation of Business Cycles," Chapters, in: Joëlle Leclaire & Tae-Hee Jo & Jane Knodell (ed.), Heterodox Analysis of Financial Crisis and Reform, chapter 9, Edward Elgar Publishing.
    15. James V. Cornehls, 2004. "Veblen’s Theory of Finance Capitalism and Contemporary Corporate America," Journal of Economic Issues, Taylor & Francis Journals, vol. 38(1), pages 29-58, March.
    16. Clare Virginia Eby, 1998. "Veblen’s Assault on Time," Journal of Economic Issues, Taylor & Francis Journals, vol. 32(3), pages 689-707, September.
    17. Vladislav Valentinov, 2023. "Stakeholder Theory: Toward a Classical Institutional Economics Perspective," Journal of Business Ethics, Springer, vol. 188(1), pages 75-88, November.
    18. Tae-Hee Jo, 2021. "A Veblenian Critique of Nelson and Winter’s Evolutionary Theory," Journal of Economic Issues, Taylor & Francis Journals, vol. 55(4), pages 1101-1117, October.
    19. Theofanis Papageorgiou & Ioannis Katselidis & Panayotis G. Michaelides, 2013. "Schumpeter, Commons, and Veblen on Institutions," American Journal of Economics and Sociology, Wiley Blackwell, vol. 72(5), pages 1232-1254, November.
    20. Angela Ambrosino & Magda Fontana & Anna Azzurra Gigante, 2018. "Shifting Boundaries In Economics: The Institutional Cognitive Strand And The Future Of Institutional Economics," Journal of Economic Surveys, Wiley Blackwell, vol. 32(3), pages 767-791, July.

    More about this item

    Keywords

    Theory of the business enterprise; institutional economics; evolution of capitalism;
    All these keywords.

    JEL classification:

    • B50 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - General
    • B52 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - Historical; Institutional; Evolutionary; Modern Monetary Theory;
    • D20 - Microeconomics - - Production and Organizations - - - General

    NEP fields

    This paper has been announced in the following NEP Reports:

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:pra:mprapa:84036. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Joachim Winter (email available below). General contact details of provider: https://edirc.repec.org/data/vfmunde.html .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.