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- DescriptionTraditionally, ecomists have attributed consistency and rational calculation to the actions of `ecomic man'. In a challenge to orthodox thinking, Geoffrey Hodgson maintains that social institutions play a central and essential role in moulding preferences and guiding action: institutions are regarded as enabling action rather than merely providing constraints. From this perspective, the author takes on the `free marketeers' such as Milton Friedman and the `new institutionalism' of Oliver Williamson. He argues against the neo-classical and Austrian views of the operation of markets, offering instead a new synthesis of the work of Keynes, Veblen, Simon and Marx. Taking up the implications of his argument, Hodgson calls for a new policy perspective based on structural reform and institutional intervention.
- Author BiographyGeoffrey Hodgson is Research Professor in Business Studies at the University of Hertfordshire.
- Author(s)Geoffrey M. Hodgson
- PublisherPolity Press
- Date of Publication30/04/1989
- SubjectEconomics: Professional & General
- Place of PublicationOxford
- Country of PublicationUnited Kingdom
- ImprintPolity Press
- Content Note0
- Weight536 g
- Width157 mm
- Height229 mm
- Spine21 mm
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