David Hamilton is a leader in the American institutionalist
school of heterodox economics that emerged after WWII. This volume
includes 25 articles written by Hamilton over a period of nearly
half a century. In these articles he examines the philosophical
foundations and practical problems of economics. The result of this
is a unique institutionalist view of how economies evolve and how
economics itself has evolved with them. Hamilton applies insight
gained from his study of culture to send the message that human
actions situated in culture determine our economic situation.
David Hamilton has advanced heterodox economics by replacing
intellectual concepts from orthodox economics that hinder us with
concepts that help us. In particular, Hamilton has helped replace
equilibrium with evolution, make-believe with reality, ideological
distortion of government with practical use of government, the
economy as a product of natural law with the economy as a product
of human law and, last, he has helped us replace the entrepreneur
as a hero with the entrepreneur as a real person.
These articles provide an alternative to the self-adjusting
market. They provide an explanation of how the interaction of
cultural patterns and technology determine the evolutionary path of
the economic development of a nation. This is not a simple
materialist depiction of economic history as some Marxists have
advocated, instead Hamilton treats technology and culture as
endogenous forces, embedded and inseparable from each other and
therefore, economic development. This volume will be of most
interest and value to professional economists and graduate students
who are looking for an in-depth explanation of the origins and
significance of institutional economics.
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