The Reconstruction of Economics

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Allan Gruchy, a prominent figure in the institutionalist school of economic thought, presents a significant work that is both insightful and profound. He aims to identify and articulate the essential unity of institutionalist economic thought, highlighting a crucial paradigm shift from traditional orthodox economics, which focuses on static equilibrium, to a dynamic process emphasized by institutionalist economics. Gruchy advocates for a much-needed reconstruction of economic theory. The orthodox approach, with its focus on efficiency and personal market forces, has often fallen short of addressing the complexities of the economic landscape. Over the past eighty years, institutional economists have developed an alternative framework, viewing the economic system as a continuous process aimed at meeting the material needs of individuals rather than merely maintaining competitive equilibrium. Despite the significant body of work in institutional economics, its distinctions from other approaches have sometimes been unclear. In this book, Gruchy, regarded as a leading authority in the field, clarifies these differences and presents a cohesive understanding of institutional economics, shaped by various intellectual and social currents.