john groenewegen Introduction In this article I will make an attempt to connect the Bloomington School, i.e. the work of Vincent and Elinor Ostrom, to the philosophy and theories of American institutionalism. In the first section I will characterize American institutionalism with a brief description of the work of Thorstein Veblen and John R. Commons. American institutionalism is also referred to as Old, or Original Institutional Economics (OIE).1 In order to get a sharper picture I will contrast their work with the New Institutional Economics (NIE), of which Oliver Williamson, the other 2009 Nobel laureate, is a good representative. In the second section I will elaborate the philosophical underpinnings of OIE in pragmatism, the foundation of which was laid by Charles S. Peirce. I will discuss the more recent ideas within OIE by means of an explication of "the instrumental value theory," which is based on insights of Veblen and John Dewey. After having characterized OIE, I will discuss in the third section the Bloomington School based on the work of Paul Aligica and Peter Boettke. I will close with a few remarks on the similarities between the Bloomington School and American Institutionalism and discuss some implications concerning
The Good Society – Penn State University Press
Published: Sep 28, 2011
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