The New Palgrave Dictionary of Economics

2018 Edition
| Editors: Macmillan Publishers Ltd

Institutional Economics

  • Warren J. Samuels
Reference work entry


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.


Adams, 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 Classifications

A1 B00 B52 
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Copyright information

© Macmillan Publishers Ltd. 2018

Authors and Affiliations

  • Warren J. Samuels
    • 1
  1. 1.