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 PĂ„lsson 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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“Only conservatives believe that subversion is still being carried on in the arts and that society is being shaken by it.... Advanced art today is no longer a causeit contains no moral imperative. There is no virtue in clinging to principles and standards, no vice in selling or in selling out.”
—Harold Rosenberg (19061978)