4.1 — The German Historical School & American Institutionalism — Readings
Wednesday, October 4, 2020
- Thorstein Veblen & writings in Reader
- End of Ch.12 “Institutional and Historical Critics of Neoclassical Economics” in Landreth & Colander
I cover Friedrich List and the infant industry argument for protectionism and against free trade in my International Trade course
The following Wikipedia entries can also provide more background:
On The Historical School
- Historical school of economics
- Friedrich List
- Infant industry argument
- Gustav von Schmoller
On American Institutionalism
- Progressivism in the United States
- Institutional economics
- Thorstein Veblen
- Conspicuous consumption
- John R. Commons
- New institutional economics
Questions to Help Your Reading
What was the Methodenstreit between Gustav von Schmoller and Carl Menger about?
What was Friedrich List’s focus, and why did he critique Smith and the Classical economists on free trade? What policies did he recommend?
What were the unifying themes of the Historical school? What was their view on the scope and methodology of economics?
What were the unifying themes of the American Institutionalists?
What was Veblen’s critique of “neoclassical economics?” What fundamental assumptions are flawed? How, according to Veblen, is economic analysis unscientific?
What was Veblen’s theory of instincts, and the dichotomy in human social affairs?
What is “conspicuous consumption,” according to Veblen?