ABSTRACT
An economy is always in the process of becoming. From this it follows that the notion of equilibrium as depicted in mainstream economics is incoherent. With the economy always, as it were, “in play,” the question becomes: how might we develop a theory of institutional change that acknowledges the constant fluidity of the institutional architecture of an economy? I will argue here that the only epistemological program that can do the necessary work is that of volitional pragmatism.1
