ISSN (Print) - 0012-9976 | ISSN (Online) - 2349-8846

Articles by Vijay PadakiSubscribe to Vijay Padaki

Economics as Behavioural Science

"WITHOUT a theory, they had nothing to pass on except a mass of descriptive material, waiting for a theory." Quoting Ronald Coase, the author observes at the start of the book that the work of early American 'institutionalists' led to nothing. Upon this premise a distinction is attempted between the new institutional economics of earlier vintage and the emerging neo- institutional economics. The textbook construction given to the book permits a good review of the evolution of economic theory and the.societal circumstances that led to the appearance of new institutional eco- nomicsasa more inclusive body of thought. The methodicity in this historical review reveals a determined effort to find appropriate material to fill the gaps in the new institutional framework. The effort is laudable. The goal, however, appears a long way off.

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