The Institutionalist Movement in American Economics, 1918–1947
Science and Social Control

This book deals with the institutionalist movement in American economics, a significant part of American economics in the interwar period.

Malcolm Rutherford (Author)

9781107006997, Cambridge University Press

Hardback, published 21 February 2011

424 pages, 9 tables
22.9 x 15.2 x 2.7 cm, 0.79 kg

'Rutherford has written a truly outstanding book on the Institutionalist Movement of the inter-war period that is unlikely to be surpassed! Of course there will be amendments here and there, but his interpretation of the central thrust of the Movement will remain unchanged.' Frederic S. Lee, History of Economic Thought and Policy

This book provides a detailed picture of the institutionalist movement in American economics concentrating on the period between the two World Wars. The discussion brings a new emphasis on the leading role of Walton Hamilton in the formation of institutionalism, on the special importance of the ideals of 'science' and 'social control' embodied within the movement, on the large and close network of individuals involved, on the educational programs and research organizations created by institutionalists and on the significant place of the movement within the mainstream of interwar American economics. In these ways the book focuses on the group most closely involved in the active promotion of the movement, on how they themselves constructed it, on its original intellectual appeal and promise and on its institutional supports and sources of funding.

Part I. Introduction: 1. Institutionalism in the history of economics
2. Understanding institutional economics
Part II. Institutionalist Careers: 3. Walton Hamilton: institutionalism and the public control of business
4. Morris Copeland: institutionalism and statistics
Part III. Centers of Institutional Economics: 5. Institutionalism at Chicago and beyond
6. Amherst and the Brookings Graduate School
7. Wisconsin institutionalism
8. Institutionalism at Columbia University
9. The NBER and the foundations
Part IV. Challenges and Changes: 10. The institutionalist reaction to Keynesian economics
11. Neoclassical challenges and institutionalist responses
Part V. Conclusion: 12. Institutionalism in retrospect.

Subject Areas: Economic history [KCZ], History of ideas [JFCX], 20th century history: c 1900 to c 2000 [HBLW]