Institutional Economics Revisited

Overview

In Institutional Economics Revisited, Shigeto Tsuru reappraises institutionalism as a school of thought and discusses its relevance for the issues which the economic profession today must tackle. In the first Lecture, Tsuru reinterprets Marxian political economy in terms of institutionalism and claims that when Marx refers to the dialectic relation of productive powers and the mode of production, he is actually speaking of institutionalism, which focuses on how the structure and functioning of the economic system...
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Overview

In Institutional Economics Revisited, Shigeto Tsuru reappraises institutionalism as a school of thought and discusses its relevance for the issues which the economic profession today must tackle. In the first Lecture, Tsuru reinterprets Marxian political economy in terms of institutionalism and claims that when Marx refers to the dialectic relation of productive powers and the mode of production, he is actually speaking of institutionalism, which focuses on how the structure and functioning of the economic system is affected by technological change. In the second Lecture, Tsuru illustrates the importance of Marx's methodology as evidence of his institutional commitment by contrasting Marx's treatment of economic aggregates with those of Keynes. One of the most important differences between the two methodologies is that Marx's aggregates are tools of analysis that serve to represent the specific interrelations characteristic of a capitalistic society, whereas Keynes' aggregates may be applied to any type of society. In the third Lecture, Tsuru completes his investigation of Marx as an institutionalist by comparing Marx's and Schumpeter's theory of the business cycle in relation to the institutional characteristics of a capitalist society. Where Marx's explanation of business cycles depended on the inclusion of certain institutional factors as variables, Schumpeter first abstracts on the capitalist process and then attributes the occurrence of cycles on innovation, rather than on institutional characteristics. The fourth Lecture provides an overview of institutional economics in America by concentrating on Thorstein Veblen, the forefather of American institutionalism, and whose analysis of capitalistic society centered on the dichotomy between 'industry' and 'business'. The fifth Lecture presents the four key elements of modern institutionalism (i.e., the open-system character of the economy; the problem of planning; the evolutionary process of modern economics;
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What People Are Saying

From the Publisher
"...a useful and at times provocative characterization and assessment of institutional economics." Journal of Economic Literature
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Product Details

  • ISBN-13: 9780521599726
  • Publisher: Cambridge University Press
  • Publication date: 10/1/1997
  • Series: Raffaele Mattioli Lectures Series
  • Edition description: REPRINT
  • Pages: 219
  • Product dimensions: 5.98 (w) x 8.98 (h) x 0.91 (d)

Table of Contents

Preface
Ch. 1 Reappraisal of Marxian Political Economy as 'Institutionalism' in the Broad sense of the Term 3
Ch. 2 The Methodology of Aggregates: Keynes vs. Marx 17
Ch. 3 Marx vs. Schumpeter on Business Cycles 41
Ch. 4 Institutional Economics in America: Veblen 59
Ch. 5 Modern Institutionalism 71
Ch. 6 The Future of Institutional Economics I: In Place of GNP 83
Ch. 7 The Future of Institutional Economics II: The Mixed Economy as a Mode of Production 101
Discussion, and Comments 115
Pietro Maines 117
Carlo Secchi 123
Luigi Pasinetti 126
Renata Lenti Targetti 131
Alberto Quadrio Curzio 136
Italo Cutolo 141
Alberto Di Pierro 149
Mario Monti 151
Riccardo Rovelli 155
Luigi Luini 162
Orlando d'Alauro 169
Biography of Shigeto Tsuru 171
1 Biographical Note 173
2 Bibliography 182
References 187
Index 197
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