Institutional Economics
Theory and Practice

James I. Sturgeon (Author)

9781509556694, Polity Press

Hardback, published 18 April 2025

288 pages
23.1 x 15.2 x 2.8 cm, 0.544 kg

"This is a long-awaited introduction to institutional economics. It is an accessible study guide and an original inquiry into approaching economic problems and life provisioning in an evolutionary but non-linear way."
Zdravka Todorova, Wright State University

"Condensing the wide and branching lines of method and theory that make up (original) institutional economics is a challenging, but sorely needed, endeavor. James Sturgeon has succeeded in that here, with an accessible text full of history, theory, philosophy, contemporary examples, and a bit of humor for good measure."
Erik Dean, Portland Community College and Modern Money Lab

Institutions are the controlling force at the center of any economy. They organize and control all economic activity from markets to producers, consumers to governments, and more. Institutions determine how fundamental economic questions such as, what, how, and for whom, are answered. Thus, scientific analysis of economic activity requires a deep and systematic understanding of institutions.

This much-needed text provides students with a comprehensive introduction to the increasingly influential field of Institutional economics. Across its ten chapters, it unpacks the history, theory, applications, policies, and methods of Institutional economics, carefully blending theoretical, conceptual and empirical elements that together illuminate the complexity of the modern economy.  Topics covered include production, consumption, class and distribution, development, value theory, and specific institutions including the corporation, property, labor, and government. Each chapter concludes with selected questions or issues posed as a basis for class discussion and further research.

Written in a lively and accessible style for students new to the topic, this book is set to become the go-to resource for classes on institutional economics across the world.

Contents

Tables, Figures and Boxes
Acknowledgments
Preface


 1           Introducing Institutional Economics
 2           Economics in Historical Perspective
 3           Theoretical Foundations
 4           The Evolution of Economic Society
 5           Human Behavior and Economic Analysis
 6           Production Theory and Resources
 7           Consumption Theory and Patterns
 8           Class Theory, Income and Wealth Distribution
 9           Economic Development and Progress
10         Institutions in Action 
Conclusion


Endnotes

Subject Areas: Economics [KC]