Institutional Analysis and Economic Policy

  • Marc R. Tool
  • Paul Dale Bush

Table of contents

  1. Front Matter
    Pages i-xv
  2. Paul D. Bush, Marc R. Tool
    Pages 1-46
  3. Philip A. Klein
    Pages 47-84
  4. L. Randall Wray
    Pages 85-113
  5. Peter S. Fisher
    Pages 115-131
  6. Charles M. A. Clark
    Pages 133-156
  7. Janice Peterson
    Pages 157-182
  8. L. Randall Wray
    Pages 219-249
  9. Deborah M. Figart
    Pages 379-409
  10. William H. Melody
    Pages 411-432
  11. Gladys Parker Foster
    Pages 493-521
  12. Wolfram Elsner
    Pages 523-547
  13. Back Matter
    Pages 577-598

About this book


The purpose of this volume is to demonstrate how contemporary institutional economic analysis can be applied to the resolution of economic problems. All of the essays in this book challenge the conventional wisdom in the problem areas addressed. They advocate policy positions that often run contrary to views widely held by academic economists and policy makers alike. The general literature of institutional economics is unorthodox, beginning with its methodological foundations and continuing through the kind of policy analysis found in these pages. The orthodox tradition in economics is commonly characterized as "neoclassical economics." Neoclassical economics fosters the myth that only "the market" can efficiently allocate a society's economic resources and equitably distribute its income. It provides the intellectual defense for in which "free markets" are championed over democratic capitalist ideology policy formation, which it contends is neither efficient nor equitable. For both professional economists and policy makers of a conservative political persuasion, neoclassical economics writes the script for a morality play in which the market is the "good guy" and the government is the "bad guy." As such, it undermines the belief that free societies can enhance economic welfare through the use of democratic processes in the formulation of economic policies.


Institution Policy economic policy economy fiscal policy monetary policy

Editors and affiliations

  • Marc R. Tool
    • 1
  • Paul Dale Bush
    • 2
  1. 1.California State UniversitySacramentoUSA
  2. 2.California State UniversityFresnoUSA

Bibliographic information