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- W2586734665 abstract "This chapter aims to present a comparative analysis of institutional economics by John R. Commons and Gunnar Myrdal. Although they met in 1930 and have been widely known for their positive practical works toward social reform from an institutional standpoint, a comparative analysis has rarely been conducted. The year 1930 was of immense significance not only in the economic history but also in their academic careers. For Commons, it signified the midpoint of his work toward the completion of Institutional Economics. The change from the 1927 manuscript to Institutional Economics shows that Commons enlarged his discussion of “reasonable value.” For Myrdal, it was a turning point at which he went from being a “theoretical economist” to becoming a “political economist.” The two men regarded the individual as an “institutional mind” by following a Veblenian view of evolutionary economics and believed that harmony of interests was not an underlying premise of economics, but needed to be created by collective actions. However, regarding the method of social reform, Commons paid attention to “law” and “reasonable value,” while Myrdal emphasized “policy” and “enlightenment” on the basis of “value premises.” Three key points are addressed to provide a more detailed explanation of this difference: utopia, harmony creation, and the meaning of institutional economics." @default.
- W2586734665 created "2017-02-17" @default.
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- W2586734665 date "2017-01-01" @default.
- W2586734665 modified "2023-09-27" @default.
- W2586734665 title "John R. Commons and Gunnar Myrdal on Institutional Economics: Their Methods of Social Reform" @default.
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- W2586734665 doi "https://doi.org/10.1007/978-981-10-3202-8_5" @default.
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