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Institutional Economics at Columbia University



In the interwar period, institutionalism was a very major part of American economics. The main centers for institutionalism were the University of Chicago (until 1926 and the departure of J. M. Clark), the University of Wisconsin, the Robert Brookings Graduate School (which existed only briefly between 1923 and 1928), and, after the arrival of Wesley Mitchell in 1913, and J. M. Clark in 1926, Columbia University. Columbia University became the academic home of a large concentration of economists of institutionalist leaning, and other Schools and Departments in the University, particularly Business, Law, Sociology, and Philosophy, also contained many people of similar or related persuasion. Taken in aggregate, Columbia has to rank as the largest and most important center for institutional economics from the mid 1920s to the late 1940s. This paper traces the history of institutionalism at Columbia begining with Wesley Mitchell's appointment in 1913. The institutionalist contingent grew rapidly to include F. C. Mills, Robert Hale, James Bonbright, Rexford Tugwell, and J. M. Clark. Mitchell's National Bureau of Economic Research, founded in 1920, was also a center for Mitchell's quantitative institutionalism and employed many Columbia graduates and faculty. In addition Gardiner Means was employed in the Law School working with Adolf A. Berle, and there were close links between institutionalists and the legal realist movement in law. In the early 1930's Carter Goodrich, Leo Wolman, and Joseph Dorfman were added to the economics faculty. The work produced by this institutionalist contingent and their graduate students is examined. After that, institutionalism began to decline in its professional standing. At Columbia, this was reflected in a growing concern with the Department's relative weakness in theory, and, in 1947, the hiring of Albert Hart, George Stigler, and William Vickrey. Institutionalism did not renew itself at Columbia and gradually faded from the Department with the retirement of the older generation of faculty.

Suggested Citation

  • Malcolm Rutherford, 2001. "Institutional Economics at Columbia University," Department Discussion Papers 0103, Department of Economics, University of Victoria.
  • Handle: RePEc:vic:vicddp:0103

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    References listed on IDEAS

    1. Brock, W.A., 1990. "Overlapping generations models with money and transactions costs," Handbook of Monetary Economics,in: B. M. Friedman & F. H. Hahn (ed.), Handbook of Monetary Economics, edition 1, volume 1, chapter 7, pages 263-295 Elsevier.
    2. Paul A. Samuelson, 1958. "An Exact Consumption-Loan Model of Interest with or without the Social Contrivance of Money," Journal of Political Economy, University of Chicago Press, vol. 66, pages 467-467.
    3. James B. Bullard, 1992. "Samuelson's model of money with n-period lifetimes," Review, Federal Reserve Bank of St. Louis, issue May, pages 67-82.
    4. Engineer, Merwan & Esteban, Joan & Sakovics, Jozsef, 1997. "Costly transfer institutions and the core in an overlapping generations model," Journal of Economic Behavior & Organization, Elsevier, vol. 32(2), pages 287-300, February.
    5. Blanchard, Olivier J, 1985. "Debt, Deficits, and Finite Horizons," Journal of Political Economy, University of Chicago Press, vol. 93(2), pages 223-247, April.
    6. Engineer, Merwan & Bernhardt, Dan, 1992. "Endogenous transfer institutions in overlapping generations," Journal of Monetary Economics, Elsevier, vol. 29(3), pages 445-474, June.
    7. Frank Hahn & Robert Solow, 1997. "A Critical Essay on Modern Macroeconomic Theory," MIT Press Books, The MIT Press, edition 1, volume 1, number 026258154x, January.
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    Cited by:

    1. Becchio Giandomenica, 2009. "A historical reconstruction of the connections between the Viennese neopositivists and the American pragmatists: economic theory in the project for the International Encyclopaedia of Unified Science," CESMEP Working Papers 200904, University of Turin.
    2. Giandomenica Becchio, 2013. "Economics in the International Encyclopaedia of Unified Science," HISTORY OF ECONOMIC THOUGHT AND POLICY, FrancoAngeli Editore, vol. 2013(2), pages 145-153.
    3. Malcolm Rutherford, 2010. "Chicago Economics and Institutionalism," Chapters,in: The Elgar Companion to the Chicago School of Economics, chapter 2 Edward Elgar Publishing.

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    JEL classification:

    • B1 - Schools of Economic Thought and Methodology - - History of Economic Thought through 1925
    • B2 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925

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