The European Contribution To Institutional Economics: The Approach Of G. M. Hodgson

Ferudun Yılmaz


Institutional economics is the leading heterodox school in economics. The other characteristic of the school is the ‘Americanness’ of its trajectory. But recent years have witnessed a transformation in the traditional boundaries of institutional economics. The school has opened its doors to European thoughts, and then the European wing of institutionalism has emerged. While European institutionalism suffered from heterogeneity of its theoretical content, it nonetheless has a potential to overcome the ‘isolation’ problem of the American version. G.M.Hodgson, who is the leading European institutionalist, is one of the best example for examining how European institutionalism can contribute to institutional economics. The aim of this paper is to identify the potentials of European institutionalism, with particular attention to Hodgson’s works.

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