National Technical University of Athens, Athens, Greece.
Schumpeter, Commons, and Veblen on Institutions†
Article first published online: 18 OCT 2013
© 2013 American Journal of Economics and Sociology, Inc.
American Journal of Economics and Sociology
Volume 72, Issue 5, pages 1232–1254, November 2013
How to Cite
Papageorgiou, T., Katselidis, I. and Michaelides, P. G. (2013), Schumpeter, Commons, and Veblen on Institutions. American Journal of Economics and Sociology, 72: 1232–1254. doi: 10.1111/ajes.12042
We would like to thank the Editor-in-Chief and the three anonymous referees for their helpful comments.
- Issue published online: 18 OCT 2013
- Article first published online: 18 OCT 2013
This article compares Schumpeter, Veblen, and Commons with regard to institutions setting up the paradigm of institutional evolutionary economics. Their theories are of a complex nature, and as such, it is very difficult to situate them in a clear-cut tradition. The main similarity is their opposition to the thesis that market economy is an independent and self-regulating system, in an attempt to integrate economic, sociological, and political perspectives with regard to the functioning of the system. Also, change per se is in contrast to the notion of equilibrium. Of course, despite the parallels, the existence of differences is undeniable.