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Neo-classical economics, with its emphasis on general equilibrium,
has developed a tightly-knit group of theories of great rigour.
However, it lacks a conceptualization of organization,
institutions, structure and change and has virtually nothing to say
about the role of norms and rules in economic behaviour. Such
notions are of great significance in institutional economics, with
its emphasis on property rights, contract and organizational forms.
But institutional economics lacks the rigour and elegance of
general equilibrium theory. "Rationality, Institutions and Economic
Methodology" looks at ways to increase the scope and power of
institutional economics. Different approaches to economic
methodology are considered and the broader notions of rationality
offered by institutional economics are discussed, as are the
methodological problems of evolutionary and institutional change.
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