Institutional economics, also concerned with resource allocation and the level and distribution of aggregate income, is primarily concerned with the organization and control of the economy, that is, its power structure, which governs whose interests count. Institutionalists have a broader or deeper set of explanatory variables, including the fundamental economic role of government, the socialization of the individual, and the consequences of a business system. Thus, prices are a function of demand and supply, these a function of markets and rights, manifest in the actions of firms and governments, and the latter a matter of business control of government.
KeywordsAdams, J. Agricultural economics Antitrust enforcement Association for Evolutionary Economics Ayres, C. Barbash, J. Boulding, K. Bromley, D. Capitalism Clark, J. M. Commons, J. Competition Conspicuous consumption Corporatism DeGregori, T. Dewey, J. Dugger, W. Economic development Equilibrium European Association of Evolutionary Political Economy Evolutionism Fusfeld, D. Galbraith, J. Kenneth German Historical School Gordon, W. Gruchy, A. Hamilton, D. Heterodox economics Hobson, J. Hodgson, G. Holism Industrial organization Institutional economics Labour economics Law and economics Macroeconomics Means, G. Methodological individualism Mitchell, W. Myrdal,G. Natural resource economics Neale, W. Neoclassical economics Optimality Parsons, K. Perlman, S. Peterson, W. Post Keynesian economics Power Preference formation Resource allocation Rutherford, M. Schmid, A. Schumpeter, J. Social norms Socialism Solo, R. Stanfield, R. Status Taussig, F. Technology Tool, M. Trebing, H. Value-free economics Veblen, T. Waller, W. Wealth Weber, M. Wieser, F. von Witte, E.
JEL ClassificationsA1 B00 B52
- Canterbery, E., et al. 1984. Galbraith symposium. Journal of Post-Keynesian Economics 7 (1).Google Scholar
- Dorfman, J., et al. 1963. Institutional economics. Berkeley: University of California Press.Google Scholar
- Gruchy, A. 1947. Modern economic thought. New York: Prentice-Hall.Google Scholar
- Parker, R. 2005. John Kenneth Galbraith: His life, his politics, his economics. New York: Farrar, Straus and Giroux.Google Scholar
- Sharpe, M. 1974. John Kenneth Galbraith and the lower economics. 2nd ed. White Plains: International Arts and Sciences Press.Google Scholar
- Thompson, C., ed. 1967. Institutional adjustment. Austin: University of Texas Press.Google Scholar
- Tool, M. 1979. The discretionary economy. Santa Monica: Goodyear.Google Scholar