Institutional Economics: Theory and Practice
James I. Sturgeon
Preface
Institutional economics is a scientific approach to understanding real world economies. In began in the United States over a century ago and has witnessed increased interest and development in the past few decades. There is a large and growing literature in the field. This volume provides a guide for students of economics and the social sciences. While designed for undergraduates, it may prove useful to graduate students who have not previously studied Institutional economics. Others interested in an alternative approach to economic analysis may also find this work of interest. The approach provides a theoretical structure, along with selected examples and cases, which instructors and students can utilize to bring in the larger and more detailed ways that Institutional economics can aid in understanding economic activities and economies. The text includes coverage of history, theory, policy, and methods useful at multiple levels of economic education. Specific theoretical elements of Institutional economics are covered and integrated into areas of economics such as production, consumption, and distribution. These tools are extended to examine value theory, economic development, socio-economic stratification, and specific institutions including the modern corporation, property, and government.
Table of Contents
Chapter 1 Introduction
Chapter 2 Economics in Historical Perspective: The Evolution of Economic Thought
Chapter 3 Theoretical Foundations: The Elements of Institutional Economics
Chapter 4 Economic History: The Evolution of Economic Society
Chapter 5 Human Behavior and Economic Analysis: Doing, Knowing, and Valuing
Chapter 6 Production and Resource Theory
Chapter 7 Consumption Theory and Patterns
Chapter 8 Economic Stratification: Class Theory, Income and Wealth Distribution
Chapter 9 The Theory of Economic Development: Progress and Sustainability
Chapter 10 Institutions in Action
Chapter 11 Conclusions and the Future