1. Consider the definition of Institutional Economics (Definitions of Economics
Standard – The study of the allocation of scarce resources among alternative uses
Institutional –The study of how we make a living
The scope of Institutional Economics consists of two broad ranges of analysis.
One is a conceptualization of economic activity lodged in an evolutionary continuum of cumulative means and ends.
The other is a comprehensive critical analysis of the widely accepted standard conceptualization of economic activity, the name of which is usually neo-classical.
A significant part of the nature of Institutional economics is found in its scope and will emerge as we address this.
Scope and Definition: Institutional economics is the interdisciplinary study of the forces affecting the process of economic activity, change and adaptation.
Standard – The study of the allocation of scarce resources among alternative uses
Institutional –The study of how we make a living
The scope of Institutional Economics consists of two broad ranges of analysis.
One is a conceptualization of economic activity lodged in an evolutionary continuum of cumulative means and ends.
The other is a comprehensive critical analysis of the widely accepted standard conceptualization of economic activity, the name of which is usually neo-classical.
A significant part of the nature of Institutional economics is found in its scope and will emerge as we address this.
Scope and Definition: Institutional economics is the interdisciplinary study of the forces affecting the process of economic activity, change and adaptation.
2. Consider what forces were considered to be at work in the economy pre-Darwin versus post-Darwin.
3. Consider how the point of view of what is important in understanding an economy might have changed from Smith, Ricardo, and Marx, who were pre-Darwin, to Marx (!), Veblen, and Keynes who were post-Darwin.
4. Consider your own point of view on the forces you think are at work in today’s economy and how this might be different from the forces considered in say, the economy of the 19th century.
5. Consider how an understanding of different disciplines is important in understanding a complex problematic situation.
3. Consider how the point of view of what is important in understanding an economy might have changed from Smith, Ricardo, and Marx, who were pre-Darwin, to Marx (!), Veblen, and Keynes who were post-Darwin.
4. Consider your own point of view on the forces you think are at work in today’s economy and how this might be different from the forces considered in say, the economy of the 19th century.
5. Consider how an understanding of different disciplines is important in understanding a complex problematic situation.
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