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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“If today there is a proper American “sphere of influence” it is this fragile sphere called earth upon which all men live and share a common fate—a sphere where our influence must be for peace and justice.”
—Hubert H. Humphrey (1911–1978)