Thorstein Veblen has made an immeasurable impact on the development of economics. His legacy has been to challenge orthodox thinking and inspire the institutionalist and evolutionary school of thought. In this book, a distinguished group of contributors analyses the impact, a century later, of Veblen's 1898 challenge to economics.
The authors examine the contribution of Veblen and some of his disciples to heterodox economics. They also reassess other contemporaneous discussions and contributions by other authors - Mitchell, Ayres, Commons, Keynes, Schumpeter, Tinbergen, Frisch - and present an overview of the state of the art in evolutionary economics.
Edited by Francisco Louca, Assembleia da Republica, Portugal and the late Mark Perlman, formerly Professor of Economics, Emeritus, University of Pittsburgh, US
Contents: 1. Introduction Part I: Veblen's Challenge 2. Mind-sets, and Why Veblen was Ineffectual 3. How can Economics be an Institutional-Evolutionary Science? 4. Thorstein Veblen and the Political Economy of the Ordinary 5. Veblen and Theories of the `Firm' 6. Institutional Economics and the Specificity of Social Evolution 7. The Significance of Clarence Ayres and the Texas School 8. Bounded Rationality, Institutionalism and the Diversity of Economic Institutions 9. Is Economics an Evolutionary Science? Part II: The Challenged Reconsidered 10. The Travelling Salesman Returns from the War 11. Is Capitalism Doomed? 12. An Institutionalist Foundation for Development Studies 13. The Future's Unknowability Part III: Perspectives 14. Instituted Economic Processes, Increasing Returns and Endogenous Growth Index