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Journal Article

In Defense of Institutional Economics

K. William Kapp
The Swedish Journal of Economics
Vol. 70, No. 1 (Mar., 1968), pp. 1-18
Published by: Wiley on behalf of The Scandinavian Journal of Economics
DOI: 10.2307/3438981
Stable URL: http://www.jstor.org/stable/3438981
Page Count: 18
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In Defense of Institutional Economics
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Abstract

Against the background of a definition of institutional economics and in the light of the traditional critique directed against it the author outlines the main preoccupations and major contributions of institutional economists in America and Europe. The paper then proceeds to demonstrate the specific usefulness of the institutional approach to the study of underdeveloped economies viewed as social systems marked by circular interdependencies which the traditional study of economic processes ignores and is incapable of incorporating within its theoretical framework. The author concludes that institutional economics needs not so much a defence as a systematization and calls for a more assertative stand to be taken by institutionalists in developed and underdeveloped countries.

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