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Historical Schools and Institutionalism (Institutionalists (Veblen…
Historical Schools and Institutionalism
Themes
Criticisms
universal laws
deductive method
principles of economic behaviour
Tenets
evolutionary approach
positive role of government
social organisms and institutions
inductive & historical method
development laws
riformism
interdisciplinariety
Forerunners
List
five stages of development
economic study of the state
free trade is sometimes negative
protection of new firms
German cameralists
importance of the state
German subjectivists
historical research (Rau)
reject natural economic laws
laws are historically inherited
Romantic economists
value as individual contribution to the nation
Historical Schools
German
Older
Roscher
method
empirical
comparative
interdisciplinary (history)
aim of econ: understanding development
Hildebrand
primitive -> credit economies
econ must study the welfare state
Knies
implement statistics
rejects natural economic laws
Younger
von Schmoller
economic laws do not exist
socialists of the chair
social interventions
poverty
unemployment
Wagner
law of increasing public expenditures (empirical)
controversies
Methodenstreit
vs. Austrian neoclassicists
self-recognition as school
deductive vs. inductive method
Normstreit
vs. Weber & Sombart
descriptive & value judgments
Weber
abstract models (ideal types)
institutions influence materialistic development
against Marx
Schumpeter
economic development as innovation
disequilibrium process
creative destruction
business cycle theory
led by entrepreneurs
credit provided by banks
different kinds of it
innovation is exogenous
French
Judglar
empirical regularity of business cycles
Aftalion
accelerator principle
investments rise more than demand
English
Mill
inductive method
Bagehot
central bank as last lender
Webbs
socialist institutions
Institutionalists
consumer behaviour and technological advances are shaped by institutions
(habits of thought)
Veblen
evolutionary approach to development
history as a struggle between the leisure and the working class
not apologetic of present institutions
Mitchell
time series to explain business cycles
Commons
legal control
institutions as collective action
Galbraith
consumer overproduction
neglected public sector
higher state intervention
Knight
risk vs. uncertainty
legacy
histories and institutions
sociology as independent subject
development econ