A collection of key essays in the field of both new and old institutional economics. The text includes 26 articles dating from 1932-1993, and topics covered include institutional change and economic growth.

In the 1990s, institutional and evolutionary economics emerged as one of the most creative and successful approaches in the modern social sciences. This reader gathers together contributions from leading international authors in the field of institutional and evolutionary economics including Eileen Appelbaum, Benjamin Coriat, Giovanni Dosi, Sheila C. Dow, Bengt-Ake Lundvall, Uskli Maki, Bart Nooteboom and Marc R. Tool. The emphasis is on key concepts such as learning, trust power, pricing and markets,with some essays devoted to methodology and others to the comparison of different forms of...

For much of the 20th century, rivalry existed between centrally planned and capitalist solutions to the problems of economic stability and growth. This changed in the 1990s. In that same decade, the period of rapid growth of the Japanese economy came to an end and by the close of the century, the American model of capitalism was seen as the only possible option.

This work looks at the future of economics as a viable discipline. It examines evolutionary economics and the development of economic theory during the 20th century, reflecting also on the origins and consequences of the narrowing and increasing irrelevance of current mainstream economics.

This study of the future of economics as a viable discipline analyses some attempts to redirect theoretical economics to real world issues. It proposes a move away from mathematical formulizations and greater tolerance for the possibilitiy of learning from other sciences, especially biology.

The appropriate role of mathematics in economics has been controversial for two hundred years, and has been a matter of ongoing debate as economics became more mathematical after the Second World War. Controversy has been heightened after extensive criticisms of models used for analysis, prediction and risk assessment prior to the great financial crash of 2008. In this topical collection, Professor Hodgson brings together the seminal classic and recent essays published since 1945 on the role of mathematics in economics, by leading authors including six Nobel Laureates, and from a variety of...

The re-emergence of institutional economics in the final quarter of the twentieth century is one of the most important and fruitful developments in social science. In bringing together some of the most significant previously published papers by leading scholars in the field, this authoritative collection explores the major changes in the 'new' and 'old' institutional economics, the developments of new approaches and the extension of applications to new areas which have taken place since the early 1990s.This volume is a definitive collection of readings showing both changes in the research...

Orthodox economics is now criticized for its limited applicability to real-world economic problems. New ideas in chaos theory, evolutionary modelling and institutional theory point to new, non-reductionist approaches. This work looks at core economic concepts in the light of these developments.

Recent events in Eastern Europe have underlined the limitations of Marxian economic and political theory. In this collection of essays Hodgson subjects Marxian economic theory to critical examination and shows which elements retain their modern relevance. After analysing the contribution of Sraffa, and indicating its critical potential and theoretical limitations, Hodgson points to a new synthesis embracing Marx, Keynes and Veblen.