Institutional Economics: Veblen, Commons, and Mitchell Reconsidered

Institutional economics, as explored in this collection of lectures, represents a distinctly American contribution to economic theory. Rooted in pragmatism and influenced by sociological jurisprudence, institutional economics diverges from classical economic theory by emphasizing the interplay of non-economic factors and the need for rigorous, data-driven analysis of economic phenomena. The approach prioritizes a comprehensive understanding of the facts and disregards traditional disciplinary boundaries to address issues such as labor and industrial relations. This methodology has profoundly shaped contemporary practices in analyzing and resolving industrial relations problems, as highlighted by the contributions of eminent economists featured in this volume.

This book examines the pioneering work of Thorstein Veblen, John R. Commons, and Wesley C. Mitchell, who are widely recognized as the founders of institutional economics. The lectures, delivered by leading scholars including Joseph Dorfman, C. E. Ayres, and Simon Kuznets, honor the legacy of these thinkers while offering insights into the ongoing relevance of institutional economics. The contributors illuminate how these early economists laid the groundwork for addressing critical social and economic issues, influencing figures such as Edwin E. Witte and Sumner Slichter. By emphasizing practical application and interdisciplinary thinking, the book underscores the enduring impact of institutional economics on both theory and practice.

This title is part of UC Press's Voices Revived program, which commemorates University of California Press’s mission to seek out and cultivate the brightest minds and give them voice, reach, and impact. Drawing on a backlist dating to 1893, Voices Revived makes high-quality, peer-reviewed scholarship accessible once again using print-on-demand technology. This title was originally published in 1963.