Economics and Institutions
Economics and Institutions
A Manifesto for a Modern Institutional Economics
A Manifesto for a Modern Institutional Economics
Polity Press and University of Pennsylvania Press, 1988.
Also in Chinese, Italian, Japanese, Portuguese and Russian editions.
Richard R Nelson (Columbia University), Review of Political Economy, July 1989:
“I think that this is a superb book. It is not so much that what Hodgson says is new. ... But what Hodgson has done is to bring together a wide range of themes, and weave them together in a particularly persuasive way. What is especially impressive about this statement is the sweep of the author’s grip on the literature in diverse fields of economics, his knowledge of work outside economics particularly in psychology and philosophy, and the clarity and force of his presentation. ... [T]here are several important areas where I think Hodgson’s arguments go well beyond anything I have seen in the economic literature. ... It is a must reading for economists predisposed to question contemporary orthodoxy.”
Anne Mayhew (University of Tennessee, Knoxville), Journal of Economic Issues, March 1989:
“Hodgson ... shows institutional economics at its very best. ... I shall be disappointed if Hodgson’s efforts do not lead to an explosion of work among fellow institutionalists who will follow the leads that he has given us. This is a book rich in sources and reasoning ... it is a book that all who are who aspire to be practicing institutionalists should study.”
Norman Clark (University of Strathclyde), Research Policy, 1989:
“This is a book of impressive scholarship. Not only has Hodgson done a thorough critical job on his chosen themes, he has also read and digested widely outside of his own discipline and presented his argument in a very convincing way. ... [T]his book is an excellent read. Written with great care, refreshing intellectual honesty and with a wide canvass of the relevant literature it should be on the ‘essential’ reading lists of all final year and post-graduate economics students.”
A W Coates (Duke University and University of Nottingham), Kyklos, 1989:
“As suggested by its impressive 40-page bibliography, Economics and Institutions traverses a remarkably wide territory ... this is enough to welcome it as an addition to any economist’s library and as a valuable educational resource for any apprentice economist.”
Allan Schmid (Michigan State University), Public Choice, 1989:
“Since this book finds good and bad in such a wide range of scholars and offers no simple policy panacea, it risks being rejected by many. This would be a mistake. This is a landmark work in the evolution of institutional economics.”
Scott Moss (Manchester Polytechnic and University of Manchester), Economic Journal, 1989:
“Hodgson has written a carefully argued, temperate and broadly-based critique of (mostly) mainstream economic theory together with an argument for theoretical developments which takes institutional factors directly into account. ... This book is well worth reading for the impressive breadth and quality of Hodgson’s arguments.”
Yngve Ramstad (University of Rhode Island), History of Economics Society Bulletin, Fall 1989:
“Hodgson’s critique is far more comprehensive than any I have seen, extending to all ‘approaches’ premised even on a subset of the fundamental preconceptions reflected in neoclassical economics ... I cannot imagine a professionally-trained reader who will not find Hodgson’s guided tour through the terrain of ‘reputable’ economics to be trenchant ... Economics and Institutions surely will be made required reading in every economics graduate program.”
Mark Whickham-Jones (University of Bristol), Journal of Economic Surveys, September 1989:
“Hodgson successfully argues the need for economic theory to cast its base wider to include institutions and social practices.”
Lawrence Boland (Simon Fraser University), Canadian Journal of Economics, November 1989:
“The question raised by Hodgson is whether it is reasonable to continue considering the individual’s preferences to be necessarily exogenous, given all the recent research in social psychology and sociology. ... Hodgson’s discussion opens new doors that should be inviting to all but possibly the neoclassical true believers. By arguing that the firm plays an institutional role, Hodgson is arguing that there is something more going on in the firm than just the bundle of contracts and attendant monitoring problems to be solved.”
Matthew B. Kibbe (U.S. Chamber of Commerce), Market Process, Spring 1989:
“Hodgson’s institutionalist critique of neoclassical mechanics is often devastating. More importantly, it is fuelled by an alternative, more human-bound vision of what economics should do. He sows the most fertile ground of older-style institutionalism with new methodological and theoretical seed, selecting ideas across a broad range of schools and disciplines. ... Economics and Institutions takes an original first step towards an understanding of the complex relationship between creative individuals and social institutions. With any luck it will inspire others to do the same.”
Warren Samuels (University of Michigan), Cambridge Journal of Economics, Spring 1990:
“If anything, Hodgson’s institutionalism is much more theoretically and methodologically sophisticated than most earlier institutionalist writings, especially in matters of cognition and uncertainty.”
Peter Boettke (New York University), Critical Review, Winter-Spring 1990:
“[An] excellent book ... Hodgson’s command of the literature is overwhelming and his critical analysis of various modern arguments concerning refinements in neoclassical economics is impressive.”
Richard Langlois (University of Connecticut), Journal of Institutional and Theoretical Economics, June 1990:
“The book - and part three in particular - are valuable because of the breadth of the literature the author has marshalled. Even those writers well versed in the methodological issues of institutional theory will likely discover an author or an idea they have not before stumbled upon. ... I personally think that the issue of endogenous preferences is a most important one, to which institutionalists of all stripes ought to be paying more attention.”
Guy Gran, World Development, September 1990:
“One of the most impressive and rigorous refutations of neoclassical economics ... in recent years. ... The policy implications are substantial.”
Gregory Dow (University of Alberta), Journal of Economic Behavior and Organization, 15(1), March 1991:
“Geoffrey Hodgson has provided a comprehensive indictment of neoclassical theory while simultaneously laying the groundwork for an institutionalist alternative ... one can only admire the breadth of Hodgson’s program, whose distinguished economic parentage runs from Marx, Veblen, and Keynes to Knight, Schumpeter and Hayek ... for any economist who retains some capacity for self-criticism, it is a manifesto to be reckoned with.”
“I think that this is a superb book. It is not so much that what Hodgson says is new. ... But what Hodgson has done is to bring together a wide range of themes, and weave them together in a particularly persuasive way. What is especially impressive about this statement is the sweep of the author’s grip on the literature in diverse fields of economics, his knowledge of work outside economics particularly in psychology and philosophy, and the clarity and force of his presentation. ... [T]here are several important areas where I think Hodgson’s arguments go well beyond anything I have seen in the economic literature. ... It is a must reading for economists predisposed to question contemporary orthodoxy.”
Anne Mayhew (University of Tennessee, Knoxville), Journal of Economic Issues, March 1989:
“Hodgson ... shows institutional economics at its very best. ... I shall be disappointed if Hodgson’s efforts do not lead to an explosion of work among fellow institutionalists who will follow the leads that he has given us. This is a book rich in sources and reasoning ... it is a book that all who are who aspire to be practicing institutionalists should study.”
Norman Clark (University of Strathclyde), Research Policy, 1989:
“This is a book of impressive scholarship. Not only has Hodgson done a thorough critical job on his chosen themes, he has also read and digested widely outside of his own discipline and presented his argument in a very convincing way. ... [T]his book is an excellent read. Written with great care, refreshing intellectual honesty and with a wide canvass of the relevant literature it should be on the ‘essential’ reading lists of all final year and post-graduate economics students.”
A W Coates (Duke University and University of Nottingham), Kyklos, 1989:
“As suggested by its impressive 40-page bibliography, Economics and Institutions traverses a remarkably wide territory ... this is enough to welcome it as an addition to any economist’s library and as a valuable educational resource for any apprentice economist.”
Allan Schmid (Michigan State University), Public Choice, 1989:
“Since this book finds good and bad in such a wide range of scholars and offers no simple policy panacea, it risks being rejected by many. This would be a mistake. This is a landmark work in the evolution of institutional economics.”
Scott Moss (Manchester Polytechnic and University of Manchester), Economic Journal, 1989:
“Hodgson has written a carefully argued, temperate and broadly-based critique of (mostly) mainstream economic theory together with an argument for theoretical developments which takes institutional factors directly into account. ... This book is well worth reading for the impressive breadth and quality of Hodgson’s arguments.”
Yngve Ramstad (University of Rhode Island), History of Economics Society Bulletin, Fall 1989:
“Hodgson’s critique is far more comprehensive than any I have seen, extending to all ‘approaches’ premised even on a subset of the fundamental preconceptions reflected in neoclassical economics ... I cannot imagine a professionally-trained reader who will not find Hodgson’s guided tour through the terrain of ‘reputable’ economics to be trenchant ... Economics and Institutions surely will be made required reading in every economics graduate program.”
Mark Whickham-Jones (University of Bristol), Journal of Economic Surveys, September 1989:
“Hodgson successfully argues the need for economic theory to cast its base wider to include institutions and social practices.”
Lawrence Boland (Simon Fraser University), Canadian Journal of Economics, November 1989:
“The question raised by Hodgson is whether it is reasonable to continue considering the individual’s preferences to be necessarily exogenous, given all the recent research in social psychology and sociology. ... Hodgson’s discussion opens new doors that should be inviting to all but possibly the neoclassical true believers. By arguing that the firm plays an institutional role, Hodgson is arguing that there is something more going on in the firm than just the bundle of contracts and attendant monitoring problems to be solved.”
Matthew B. Kibbe (U.S. Chamber of Commerce), Market Process, Spring 1989:
“Hodgson’s institutionalist critique of neoclassical mechanics is often devastating. More importantly, it is fuelled by an alternative, more human-bound vision of what economics should do. He sows the most fertile ground of older-style institutionalism with new methodological and theoretical seed, selecting ideas across a broad range of schools and disciplines. ... Economics and Institutions takes an original first step towards an understanding of the complex relationship between creative individuals and social institutions. With any luck it will inspire others to do the same.”
Warren Samuels (University of Michigan), Cambridge Journal of Economics, Spring 1990:
“If anything, Hodgson’s institutionalism is much more theoretically and methodologically sophisticated than most earlier institutionalist writings, especially in matters of cognition and uncertainty.”
Peter Boettke (New York University), Critical Review, Winter-Spring 1990:
“[An] excellent book ... Hodgson’s command of the literature is overwhelming and his critical analysis of various modern arguments concerning refinements in neoclassical economics is impressive.”
Richard Langlois (University of Connecticut), Journal of Institutional and Theoretical Economics, June 1990:
“The book - and part three in particular - are valuable because of the breadth of the literature the author has marshalled. Even those writers well versed in the methodological issues of institutional theory will likely discover an author or an idea they have not before stumbled upon. ... I personally think that the issue of endogenous preferences is a most important one, to which institutionalists of all stripes ought to be paying more attention.”
Guy Gran, World Development, September 1990:
“One of the most impressive and rigorous refutations of neoclassical economics ... in recent years. ... The policy implications are substantial.”
Gregory Dow (University of Alberta), Journal of Economic Behavior and Organization, 15(1), March 1991:
“Geoffrey Hodgson has provided a comprehensive indictment of neoclassical theory while simultaneously laying the groundwork for an institutionalist alternative ... one can only admire the breadth of Hodgson’s program, whose distinguished economic parentage runs from Marx, Veblen, and Keynes to Knight, Schumpeter and Hayek ... for any economist who retains some capacity for self-criticism, it is a manifesto to be reckoned with.”