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Relation between Western Institutional Economicsand Orthodox Economics
Lei Da, Hu Shuguang
Teaching and Research
1998, (9):
50-54.
Institutional economics, once regarded as heterodoxy by orthodox economics and then applied in or thodox economics to analyze the system, has in fact or iginat ed in ortho dox economics. It used to be against or thodo xeconomics, but later returned to orthodox economics and formed a research norm of analyzing economic issues from theperspective of uncertainty in the system. There are differences between institutional economics and orthodox economics in research subjects and resear chmethods, which lead to conflicts between the two. These conflicts are reflected in t he former 's criticism of the latter , including disapproval of its longterm and shortterm meanings,objection to its method of model analysis, revision of some of its concepts and its unreal premises of hypothesis, andopposition to its policy o f laissezfaire as well.
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