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The Chicago School of Economics is arguably the most successful and influential since World War II. This volume provides an interpretation of the Chicago school through constructive critique of its doctrines. It is an inquiry into the nature, role, and significance of the school and its doctrines within both the economics profession and the larger world of ideas and action. This volume offers a deeper understanding of the school, of its strengths and weaknesses, and of the tasks of any body of thought that hopes to comprise an alternative.
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The Chicago School of Economics is arguably the most successful and influential since World War II. This volume provides an interpretation of the Chicago school through constructive critique of its doctrines. It is an inquiry into the nature, role, and significance of the school and its doctrines within both the economics profession and the larger world of ideas and action. This volume offers a deeper understanding of the school, of its strengths and weaknesses, and of the tasks of any body of thought that hopes to comprise an alternative.
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Institutional economics has been a major part of economic thought for the whole of the twentieth century, and today remains crucial to an understanding of the development of heterodox economics. The two principal publications that founded the school were Veblen''s The Theory of the Leisure Class and Commons''s A Sociological View of Sovereignty, both published in 1899. As a tribute to these two seminal works, Warren Samuels has assembled an exceptionally prestigious international group of scholars to produce this landmark volume celebrating the centenary. The chapters assess the work of Veblen and Commons and their influence on the school of institutional economics from a variety of theoretical perspectives. The contributions on Veblen appraise his anthropological analysis of consumption habits of American households from sociological, linguistic and feminist points of view. Conversely, the essays on Commons''s work focus on the concepts of property, power and the relationship between legality and economics.
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This collection brings together important materials concerning the study of the economy as a system of power, offering a sample of positions taken by contributors to the Journal of Economic Issues in response to the perceived problems of the social control of corporate power.
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