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Introduction to the special issue on the future of institutional and evolutionary economics

Published online by Cambridge University Press:  26 August 2014

GEOFFREY M. HODGSON  and
J. W. STOELHORST
GEOFFREY M. HODGSON*
Affiliation:
Hertfordshire Business School, University of Hertfordshire, Hatfield, Hertfordshire AL10 9AB, UK
J. W. STOELHORST*
Affiliation:
Amsterdam Business School, University of Amsterdam, 1018 TV Amsterdam, The Netherlands
*
*Email: g.m.hodgson@herts.ac.uk
**Email: j.w.stoelhorst@uva.nl
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Abstract:

This special issue of the Journal of Institutional Economics on the future of institutional and evolutionary economics consists of this introduction, four full essays, and two sizeable comments. Ménard and Shirley (2014) and Ménard (2014) discuss the future of the new institutional economics, and their two essays are followed by a reflection by Hodgson. Winter (2014) and Witt (2014) discuss the future of evolutionary economics, and their essays are followed by a comment by Stoelhorst. Here, we introduce these essays and comments by putting them in a broader historical perspective. In particular, we trace the common origins of modern institutional and evolutionary economics, particularly in the work of Veblen, as well as important additional influences such as Schumpeter and Simon. We highlight how the two approaches became disconnected, and signal the possibility of, and need for, re-establishing closer connections between them. Possible elements of a future overlapping research programme are outlined.

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Type
Research Article
Information
Journal of Institutional Economics , Volume 10 , Issue 4: The Future of Institutional and Evolutionary Economics , December 2014 , pp. 513 - 540
Copyright
Copyright © Millennium Economics Ltd 2014 

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