ABSTRACT
Neoclassical and institutional economics are often described as representing opposite ends of a broad spectrum of different “kinds” of economics. The conventional wisdom places Alfred Marshall firmly in the camp of the neoclassicals and Thorstein Veblen with the institutional economists. While the followers of each of these thinkers went on to develop independent schools of thought that have little, if anything, in common, closer examination of their work reveals a tremendous amount of commonality between these two historic figures.
