Institutionalism Today
The earlier approach was a central element in American economics in the interwar years after 1919 but was marginalized to a relatively minor role as to mainstream economics in the postwar period with the ascendence of neoclassical and Keynesian approaches. It continued, however, as a leading heterodox approach in critiquing neoclassical economics and as an alternative research program in economics. The leading Swedish economist Lars Pålsson Syll is a believer in institutional economics. He is an outspoken opponent to all kinds of social constructivism and postmodern relativism.
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“Experiment is necessary in establishing an academy, but certain principles must apply to this business of art as to any other business which affects the artis tic sense of the community. Great art speaks a language which every intelligent person can understand. The people who call themselves modernists today speak a different language.”
—Robert Menzies (1894–1978)