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Book synopsis

Traditionally, economists have attributed consistency and rational calculation to the actions of `economic man'. In a challenge to orthodox thinking, Geoffrey Hodgson maintains that social institutions play a central and essential role in moulding preferences and guiding action: institutions are regarded as enabling action rather than merely providing constraints. From this perspective, the author takes on the `free marketeers' such as Milton Friedman and the `new institutionalism' of Oliver Williamson. He argues against the neo-classical and Austrian views of the operation of markets, offering instead a new synthesis of the work of Keynes, Veblen, Simon and Marx. Taking up the implications of his argument, Hodgson calls for a new policy perspective based on structural reform and institutional intervention.

Book details

Book category Books in English Economics, finance, business & management Economics Microeconomics

• Full title: Economics and Institutions - A Manifesto for a Modern Institutional Economics
• Author: Geoffrey M. Hodgson
• Language: English
• Binding: Paperback
• Number of pages: 264
• EAN: 9780745602776
• ISBN: 0745602770
• ID: 04907359
• Publisher: Polity Press
• Weight: 568 g
• Dimensions: 151 × 230 × 25 mm
• Date of publishing: 30. April 1989

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