The present state of institutional economics

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Abstract
After articulating the institutionalist paradigm and its principal facets, the article examines the present status, converging interests and possible future of institutional economics. Emphasis is on related schools of thought and, especially, European (and other) developments along evolutionary and holistic lines of analysis, and on a new generation of US and, especially, European authors. Among more specific themes are the importance of power, technology, social change, social control, organisations and institutions in governing economic performance. The work of European authors is expected to become increasingly important owing to their concern with subject-matter and policy issues, rather than sectarian questions.

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