The Evolution of Institutional Economics

The story of American Institutional Economics, from its foundations through its supremacy and subsequent decline is an extremely interesting one. Today with the return of Darwinian ideas to social sciences, changes in psychology and a revival of pragmatist philosophy, the intellectual conditions for a revival and reconstruction of American Institutionalism are arguably in place. Few are better qualified to provide an authoritative, wide-ranging account of the rise, fall and potential rebirth of institutional economics than Geoffrey Hodgson. This well-written comprehensive study offers an interpretation of Veblen and American Institutionalism that places Darwinism at the center. In this and other aspects, it challenges prevailing accounts of the nature and potential of American Institutionalism. The author's position as one of the most important economists in the world is becoming cemented by his marvelous history of important books. This book will only add to his status. The book will be readand re-read by academics and students economics, philosophy and sociology.

Geoffrey M. Hodgson is Research Professor in Business Studies at the University of Hertfordshire, UK.