Malcolm Rutherford
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The Institutionalist Movement in American Economics, 1918–1947: Science and Social Control (Historical Perspectives on Modern Economics)
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published
2011
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8 editions
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Institutions in Economics: The Old and the New Institutionalism (Historical Perspectives on Modern Economics)
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published
1994
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4 editions
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Institutional Economics : Its Place in Political Economy, Volume 2
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published
1989
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The Economic Mind in America: Essays in the History of American Economics (Perspectives on the History of Economic Thought)
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published
1998
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2 editions
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Can we save the Common Market? (Mainstream series)
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published
1981
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2 editions
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Fear and Greed
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published
2010
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John R.Commons: Selected Essays, Volume One
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published
1996
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Economic Mind in America: Essays in the History of American Economics
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published
1998
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8 editions
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One Man and His Dog
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published
2013
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A Virtual Killing
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published
2013
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“Veblen’s overall evolutionary framework was one that stressed the cumulative and path-dependent nature of institutional change, the role of new technology in bringing about institutional change (by changing the underlying, habitual ways of living and thinking), and the predominantly “pecuniary” character of the existing set of American institutions (that is, expressing the “business” values of pecuniary success and individual gain by money making, to the virtual exclusion of all other values). For Veblen, as for other institutionalists, institutions were more than merely constraints on individual action, but embodied generally accepted ways of thinking and behaving, and worked to mold the preferences and values of individuals brought up under their sway. Within this framework, Veblen developed his analyses of “conspicuous consumption” and consumption norms; the effect of corporate finance on the ownership and control of firms; the role of intangible property and the ability to capitalize intangibles; business and financial strategies for profit making, salesmanship and advertising; the emergence of a specialist managerial class; business fluctuations; and many other topics (Veblen 1899; 1904).”
― The Institutionalist Movement in American Economics, 1918–1947: Science and Social Control
― The Institutionalist Movement in American Economics, 1918–1947: Science and Social Control
“Thus, in the hands of institutionalists such as Hamilton, Clark, Mitchell, and Commons, the problem became one of supplementing (rather than replacing) the market with other forms of “social control” or one of “how to make production for profit turn out a larger supply of useful goods under conditions more conducive to welfare” (Mitchell 1923a, p. 148). Although Veblen’s influence made institutionalists somewhat more critical of existing institutions than many of the previous generation of progressives, it does have to be understood that it was not Veblen alone who was the fountainhead for interwar institutionalism, but rather Veblen moderated by pragmatic and progressive views of science and social reform.”
― The Institutionalist Movement in American Economics, 1918–1947: Science and Social Control
― The Institutionalist Movement in American Economics, 1918–1947: Science and Social Control
“One of Clark’s earliest statements on the proper nature of economics argued that economics should be “based on a foundation of terms, conceptions, standards of measurement, and assumptions which is sufficiently realistic, comprehensive, and unbiased” to provide a basis for the analysis and discussion of practical issues (Clark 1919, p. 280). Relevance to practical issues, accuracy of data, and comprehensiveness, in the sense of not excluding any evidence relevant to the problem at hand, were the characteristics of a scientific approach to economics that Clark most frequently stressed (Clark 1924, p. 74).”
― The Institutionalist Movement in American Economics, 1918–1947: Science and Social Control
― The Institutionalist Movement in American Economics, 1918–1947: Science and Social Control
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