Search

In the last four decades there is a renewed interest within the economic theory for the institutional structures. Numerous, multiple and often unpredictable effects of institutions on economic process are differently reflected among the leading schools of economic analysis. Certainly, in this sense, the greatest attention should be given to the stream of economic thought known as institutional economics. This heterogeneous research orientation today is already clearly differentiated on Veblenian and the new institutional economics. The paper will make, in the light of its recorded achievements and the subjects of interest of its main protagonists, a general insight into the new institutional economics. [ABSTRACT FROM AUTHOR]

(Reviewing: Great Thinker in Economics, Series Editor, A. P. Thirlwall, selection consisting of P. Groenewegen, Alfred Marshall, 2007; P. Davidson, John Maynard Keynes, 2007, 2009; G. Fletcher, Dennis Robertson, 2008; A. Roncaglia, Piero Sraffa, 2009; G. C. Harcourt and P. Kerr, Joan Robinson, 2009; J. E. King, Nicholas Kaldor, 2009, Palgrave Macmillan)Six volumes in the Great Thinker in Economics Series were chosen by the Editors for this review, which focuses on The Cambridge School of Economics, so very different from the mainstream theory of general economic equilibrium which gives formal expression to Lionel Robbins’ famous definition of the subject as the allocation of scarce means among alternative uses. In recognition of a distinct Cambridge School, the authors of these volumes present a variety of arguments within which three overlapping themes can be discerned: the relationship between ethics and economics; the role of stocks and flows in economic analysis; and the epistemic problem surrounding the role of creativity, which has eluded the skills of formalists. The once pervasive influence of Alfred Marshall, John Maynard Keynes, Dennis Robertson, Piero Sraffa, Joan Robinson and Nicholas Kaldor can only be recovered with some such set of general themes in mind. [ABSTRACT FROM AUTHOR]

The article presents a thesis summary which discusses the relationship between the early psychological research and economics of professional economist Alfred Marshall. It mentions the influence of Marshall's research in psychology on his economics which is known for the theory of partial equilibrium. It states that his economics aims to demonstrate the organic growth theory of economy which reflects the progress of the economic society and human nature. It points out the inattention on the significant influence and relation of his psychological research on his economics. It argues that Marshall's analysis of mutual progress of economic society and human nature came from his apprehension on the complementarity of his research findings and economic concerns.