institutionalist

Definition

Relating to an approach in economics that views the economy as an evolved system governed by social structures, laws, and organizational norms rather than just abstract mathematical models.

Etymology

Derived from the word 'institution' (from Latin 'institutio', meaning 'arrangement' or 'custom'), the suffix '-ist' turns it into a term denoting a person or school of thought that emphasizes the role of institutions in society.

In the news

The authors argue that the encyclopedia entry failed to properly engage with institutionalist economic theories, which analyze how rules and social frameworks shape market behavior.

Capitalism, as Told by Its Enemies: News Article

Independent Institute

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