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Books > History > History of specific subjects > Economic history
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The Foundations of Institutional Economics (Paperback)
Loot Price: R1,985
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The Foundations of Institutional Economics (Paperback)
Series: Routledge Advances in Heterodox Economics
Expected to ship within 12 - 19 working days
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This is a ground-breaking book about the foundations of
institutional economics. K. William Kapp presents the economic role
of institutions for economic development, capital formation and
technological dynamics in an easily accessible and comprehensive
manner. As a front-rank 20th century institutional economist, Kapp
pulls together arguments from a variety of sources, including
Thorstein Veblen, John Kenneth Galbraith and Gunnar Myrdal, all of
which emphasize the crucial role of institutions. The author
cements institutional economics as a distinct and coherent
framework of analysis to effectively address urgent socio-economic
problems, such as environmental disruption and sustainable
development. This book begins with a critique of conventional
(neoclassical) economics and an overview of the antecedents of
institutional economics. The core of the book is formed by the
chapters on institutions, human economic behavior and needs,
arguing that institutional change is key to directing economic
development towards sustainable and adequate living conditions,
rather than merely formal growth formulas. The final chapters
provide the reader with the institutional theories of capital and
technology, showing how capital formation and technological
dynamics are determined by institutions, such as the principle of
investment for profit. The appendix complements Kapp's plea for
institutional change with articles on science and technology,
social costs, substantive economics, and circular and cumulative
causation. This book is suited for readers at all levels who are
interested in institutional economics, the history of economics
thought, political economics as well as ecological and heterodox
economics. Researchers and students will find it to be an easily
accessible and a concise elaboration on the foundations of
institutional economics.
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