Reconstruction of Economics An Analysis of the Fundamentals of Institutional Economics

The interpretations and solutions generated by orthodox economics, with its emphasis on efficiency and personal market forces, have failed to satisfy many economists. An alternative framework has been developed in the past eight decades by institutional economists, who view the economic system not as a competitive equilibrium to be kept in balance but as an ongoing economic process through which the material needs of its human participants are to be met. Although insitutional economics represents a major and growing body of work, it has not always been clear how it differs from other approaches. In his new book, Allan Gruchy, considered the dean of institutional economics, addresses this problem. Pointing up the underlying unity of work done in this field, he provides a clear, basic statement of what it is "all about" and what intellectual and social currents have shaped it.Gruchy, Allan G. is the author of 'Reconstruction of Economics An Analysis of the Fundamentals of Institutional Economics' with ISBN 9780313256790 and ISBN 0313256799.