ABSTRACT

This book grew out of an attempt to marry to each other two growing currents in economics, namely the specialized work on the general methodology of economics and the resurgence of theoretical interest in the character and role of institutions. It was the idea that both parties would benefit from such an alliance. On the one hand, research in economic methodology is clearly in need of reorientation and conceptual development inspired by concrete issues involved in substantial economic theories and approaches. Institutionalist economics, with its several varieties, might provide generalists in economic methodology with a source of inspiration and a test ground for such developments. On the other hand, the recent rehabilitation of theoretical study of institutions in economics raises lots of issues of a methodological character. Although institutionalist economists have traditionally been inclined to engage themselves in methodological reflection, there is a lot of room for sophistication. Philosophically informed general methodology might be of help here.