Bridging old and new institutional economics: Gustav Schmoller, the leader of the Younger German Historical School, seen with neoinstitutionalists' eyes

Article Abstract:

Recent research has compared with work of Gustav Schmoller, leader of the Younger German Historical School, with that of neoinstitutionalists, especially Douglass C. North. It was found that the questions and objections raised by Schmoller and the Younger Historical School are still relevant to modern economics. It is unlikely that New Institutional Economics will fade away, as was the case with the German Historical School and Old American Institutionalism, or become overshadowed by neoclassicism.

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Big-bang transformations of economic systems: an introductory note

Article Abstract:

The case of Venezuela illustrates the complex interplay of economic and political factors in economic development. Economies need more input from factors of production, or greater productivity, to grow, and institutional factors should not be ignored. There is a need for more work on political economy.

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Big-bang transformations of economic systems as a challenge to New Institutional Economics

Article Abstract:

There are a number of locations where major economic transitions are being undertaken, especially following the end of the Soviet Union. Change needs more than a change in the law, and political obstacles and individuals' attitudes also have to be changed.

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