From Political Economy to Economics by Milonakis Dimitris; Fine Ben;

Author:Milonakis, Dimitris; Fine, Ben;
Language: eng
Format: epub
Publisher: Routledge

Clearly, in principle and in practice, this view of the relationship between economic life and economic thought, as with Commons, is seriously wanting, as the gap between the practical exigencies of modern industrial life and the animistic habits of mind within economics have not only opened but ranged over a wider terrain.

This is of relevance in assessing the current revival of (the new) institutional economics (with little or no such prospect for any new historical school). The rediscovery that institutions matter within orthodox economics inevitably leads to some revisiting of the old institutionalists. Inevitably, the latter’s own intents and insights are observed more in the breach by those seeking to extend neoclassical principles to pastures new (or should that be old and forgotten?) through the process of economics imperialism, analysed in detail in Fine and Milonakis (2009).

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