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.
Read more about this topic: Institutional Economists
Famous quotes containing the word today:
“These native villages are as unchanging as the woman in one of their stories. When she was called before a local justice he asked her age. “I have 45 years.” “But,” said the justice, “you were forty-five when you appeared before me two years ago.” “Señor Judge,” she replied proudly, drawing herself to her full height, “I am not of those who are one thing today and another tomorrow!””
—State of New Mexico, U.S. public relief program (1935-1943)