Download e-book for kindle: Institutional Economics: Contributions to the Development of by John Adams (auth.), John Adams (eds.)

By John Adams (auth.), John Adams (eds.)

ISBN-10: 9400987366

ISBN-13: 9789400987364

ISBN-10: 9400987382

ISBN-13: 9789400987388

Allan Garfield Gruchy, now Professor Emeritus on the collage of Maryland, retired in 1977 from full-time accountability. That he endured to coach his graduate seminar in institutional economics and easily speeded up paintings on a massive learn of making plans in global economies is simply extra facts of the power and crisis he has dropped at his educating and writing via­ out his occupation. His undergraduate sessions in comparative fiscal structures and glossy financial suggestion, and his graduate classes on institu­ tionalism, have been constantly one of the hottest within the division. They have been firmly grounded in a viewpoint that opened the minds of enormous quantities of scholars to new avenues of suggestion and to diverse modes of monetary association. Returning scholars who record they quick forgot the arid intricacies of intermediate idea classes still keep in mind Allan's verbal thrusts at orthodox positions and on the shortcomings of yank eco­ nomic associations. Allan labored for a few years with Dudley Dillard to build Maryland's current division and served ably as appearing chairman in 1976-77 after Dudley relinquished the chairmanship. His impatient wit enlivened college conferences and rendered them expeditious within the severe, and it used to be welcomed by way of all other than people with a penchant for pontification. Allan is healthier identified between economists for his elucidation of institutional and neoinstitutional proposal and for his comparative research of making plans v vi PREFACE and growth.

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Additional info for Institutional Economics: Contributions to the Development of Holistic Economics Essays in Honor of Allan G. Gruchy

Example text

It was not yet AFEE in those days, but the Wardman Group, named after the hotel that the American Economic Association had designated as its headquarters that year. Gruchy did not attend the annual meeting - I've forgotten why. So I took over for him and appointed myself as the officer to run this organization for the next year . Well, the next year we continued our modest meetings and went on for awhile increasing our membership slightly and, what was perhaps more important, trying to define ourselves.

13 ENDNOTES I. Allan G. Gruchy, "Neoinstitutionalism and the Economics of Dissent," Journal oj Economic Issues 3 (March 1969): 3-17. 2. Robert Solow, Growth Theory (New York: Oxford University Press, 1970), p. 7. 3. The individual has to be identified as central. Technology and institutions have to be considered secondary. See John Dewey, Individualism Old and New (New York: Putnam's, 1929). Also it may be mentioned that the author is not unaware of the distinctions that have been made between "value in use" and "value in exchange" and of alternative value concepts such as the labor theory of value.

The deployment of power permeates the whole process and is critical in the determination of the character of both the private and the public parts of the economy. The inequities, the distortions, the expansions and contractions in various sectors, the growth, the patterns of distribution and development are all affected by the power structure. Indeed, it is not too much to say that it is the allocation of power far more than resource allocation that conditions and shapes the development of the economy and its ongoing operations.

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Institutional Economics: Contributions to the Development of Holistic Economics Essays in Honor of Allan G. Gruchy by John Adams (auth.), John Adams (eds.)

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