Evolutionary and Institutional Economics as the New Mainstream?

@article{Hodgson2007EvolutionaryAI,
  title={Evolutionary and Institutional Economics as the New Mainstream?},
  author={Geoffrey M. Hodgson},
  journal={Evolutionary and Institutional Economics Review},
  year={2007},
  volume={4},
  pages={7-25}
}
  • G. Hodgson
  • Published 1 December 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… 

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 also

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 deviate

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, new

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 of

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 the

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 human

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 to

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 way

A Critical View of the Institutional Solution in Economics

Institutionalism is the solution at hand when the expected correlations fail to work. The analytical framework is henceforth enriched with institutional pillars such as stable political structures,

Economics between Insulation and Social-Scienciation: Observations by a Sociology of Economics

Abstract: The intention of the article is to explore trends in economics and sociology, as well as other science disciplines, like history, psychology and anthropology, and investigate the
...

References

SHOWING 1-10 OF 94 REFERENCES

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 something

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 evidence

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 have

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 neoclassical

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 versus

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 approaches

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 on

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 distinguish

Bounded Rationality, Institutionalism and the Diversity of Economic Institutions

In many respects Veblen's theory and New Institutional Economics lie at different poles. While the Veblenian theory can be considered as an early "strong version" of the theory of bounded
...