Evolutionary and Institutional Economics as the New Mainstream?

  title={Evolutionary and Institutional Economics as the New Mainstream?},
  author={Geoffrey M. Hodgson},
  journal={Evolutionary and Institutional Economics Review},
  • G. Hodgson
  • Published 2007
  • Economics
  • Evolutionary and Institutional Economics Review
Mainstream economics has changed radically since the 1980s, offering greatly enhanced opportunities for intervention by evolutionary and institutional economics. This article surveys the extent of this transformation and the extent that mainstream economics has moved in an evolutionary and institutional direction. There are also signs of a possible gestalt shift in the social sciences, where rules are seen as constitutive of social relations and social reality. This contrasts with the former… Expand

Figures from this paper

Institutional Economics into the Twenty-First Century*
This essay considers the nature and evolution of both the old and the new institutional economics and considers the possibility of dialogue or even convergence between these schools. It alsoExpand
Just another niche in the wall? How specialization is changing the face of mainstream economics
There is considerable discussion on so-called ‘mainstream pluralism’, that is, on the co-presence of a variety of research programmes in today’s mainstream economics that: 1. significantly deviateExpand
Shifting Boundaries in Economics: The Institutional Cognitive Strand and the Future of Institutional Economics
The paper proposes a critical interpretation of the development of new institutional economics and of its relationship with other economic fields. Consistently with the oil-spot dynamics model, newExpand
Structure and change: Douglass North's economics
Douglass North is a pivotal figure in the development of the ‘new’ economic history as well as the ‘new’ institutional economics. However, the relationship between these two aspects of his thinkingExpand
On the Methodological Foundations of Mainstream and Heterodoxy in Economic Theory in the End of the XIX — the Beginning of the XXI centuries
The paper deals with the evolution of economic method during the last centuries. The author argues that the Marginalist Revolution in the end of the XIX century created radically new vision of theExpand
Institutional Economics At The Crossroads: A View From Russia
On the base of the brief outlook of history of the origin and development of institutional economics, the main theoretical-methodological changes with details applied to the current stage ofExpand
A revolution in finance?
This paper investigates the nature of the academic field of finance as it looks in the early 21st century. Using Kuhn’s structure of scientific revolutions as a framework, the paper examines theExpand
The Methodology of Evolutionary and Neoclassical Economics as a Consequence of the Changes in the Concept of Human Nature
The concept of human nature builds the basis for thinking about economics and its fundamental elements such as methodology, methods and crucial theories. Therefore, changes in the concept of humanExpand
Facilities of Original Institutional Economics in Research of Institutional Changes
Institutional changes in the economy have been the research subject of many economists, the majority of studies are carried out within neoinstitutionalism. In this paper the author attempts toExpand
Changing Concept of Human Nature in Economics as a Consequence of Social and Economic Trends
The goal of the paper is to present the changes occurring in the concept of human nature in the modern heterodox economics as the effect of social trends, which are responsible for altering the wayExpand


Notes on neoinstitutional economics
Abstract In mainstream economic theory — neoclassical economics — one had for a long time taken for granted that the institutional framework of social interaction had to be treated as somethingExpand
The turn in economics: neoclassical dominance to mainstream pluralism?
  • J. Davis
  • Economics
  • Journal of Institutional Economics
  • 2006
This paper investigates whether since the 1980s neoclassical economics has been in the process of being supplanted as the dominant research programme in economics by a collection of competingExpand
Endogenous Preferences: The Cultural Consequences of Markets and other Economic Institutions
Drawing on experimental economics, anthropology, social psychology, sociology, history, the theory of cultural evolution as well as more conventional economic sources, I review models and evidenceExpand
Toward a Comparative Institutional Analysis
Markets are one of the most salient institutions produced by humans, and economists have traditionally analyzed the workings of the market mechanism. Recently, however, economists and others haveExpand
The Old and the New Institutionalism: Can Bridges Be Built?
The old and the new institutionalism are both programs of research that arose out of a concern with the almost complete lack of consideration given to institutions in conventional neoclassicalExpand
Economics in the Shadows of Darwin and Marx: Essays on Institutional and Evolutionary Themes
Contents: Preface 1. Introduction Part I: Marxism, Darwinism, Institutionalism 2. Darwin and Marx at the Crossroads 3. Social Darwinism in Anglophone Academic Journals 4. Institutionalism versusExpand
Evolutionary and institutional economics review
The Evolutionary and Institutional Economics Review (EIER) is issued by the Japan Association for Evolutionary Economics to provide an international forum for new theoretical and empirical approachesExpand
The New Institutional Economics: Taking Stock, Looking Ahead
This paper examines the progressive development of the new institutional economics over the past quarter century. It begins by distinguishing four levels of social analysis, with special emphasis onExpand
The Problem with Neoclassical Institutional Economics: A Critique with Special Reference to the North/Thomas Model of Pre-1500 Europe
A variety of scholars with widely differing political and disciplinary orientations continue to be fascinated by the prospect of making endogenous variation or changes in institutional structuresExpand
On integrating new and old institutionalism : Douglass North building bridges
In institutional economics, the explanandum is the institution. Definitions of institution refer to a framework of behavior: institutions direct, channel, or guide behavior. We prefer to distinguishExpand