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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Famous quotes containing the word today:
“I rather think the cinema will die. Look at the energy being exerted to revive it—yesterday it was color, today three dimensions. I don’t give it forty years more. Witness the decline of conversation. Only the Irish have remained incomparable conversationalists, maybe because technical progress has passed them by.”
—Orson Welles (1915–1984)