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Institutions and Evolution of Capitalism

Essays in Honour of Geoffrey M. Hodgson Edited by Francesca Gagliardi and David Gindis, University of Hertfordshire Business School, UK
In just over 30 years, Geoff Hodgson has made substantial contributions to institutional economics, evolutionary economics, economic methodology, the history of economic thought and social theory. To mark his seminal work, this volume brings together original contributions by world-leading scholars in specific areas that have played a significant role in influencing his thinking or represent key debates to which he has contributed. Building on some of the most significant philosophical and methodological foundations underlying Hodgson's work, the volume is organised around the recurring themes of institutions, evolution and capitalism.
Extent: c 416 pp
Hardback Price: $170.00 Web: $153.00
Publication Date: November 2019
ISBN: 978 1 78536 499 0
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  • Economics and Finance
  • Evolutionary Economics
  • History of Economic Thought
  • Institutional Economics
Geoff Hodgson has made substantial contributions to institutional and evolutionary economics, economic methodology, the history of economic thought and social theory. To mark his seminal work, this book features original contributions by world-leading scholars from fields that have played a significant role in influencing his thinking or represent key debates to which he has contributed.

Building on some of the central philosophical and methodological foundations underlying Hodgson’s thinking, the book is organized around the recurring themes of institutions, evolution and capitalism. The contributors explore key connections between philosophy, the history of economic thought, and institutional and evolutionary economics in the light of Hodgson’s often path-breaking work.

A vital read for institutional, evolutionary and heterodox economists, this book sheds new light on Hodgson’s position in these fields. Drawing together critical insights, this is also an important book for economic scholars looking to improve their understanding of current theory.
‘We are in an era when fundamental debates about the nature of the economy and economics are not mere academic curiosities but an urgent necessity for society. Long-dominant theories have crumbled and major challenges loom. Bold new thinking is required and few have been bolder than Geoffrey Hodgson. This volume, by a distinguished group of scholars, gives new insights into Hodgson’s decades-long body of work and will surely spark new ideas and debate. The economy is an evolutionary system and someday future historians will say “Hodgson was right.”’
Eric Beinhocker, University of Oxford, and author of The Origin of Wealth

‘This impressive collection is a fitting tribute to Geoff Hodgson, with substantial contributions from senior colleagues covering the many areas in economics he has worked in over the course of a long and successful career.’
Jochen Runde, University of Cambridge, UK

‘Geoffrey Hodgson has for some time been one of the most creative and provocative writers arguing for a more evolutionary economics that paid more attention to the institutions driving and molding economic change. This collection of essays in his honor is of broad scope and high quality. They provide a pleasurable informative read.’
Richard R. Nelson, Columbia University, US

‘Whether you sign on to every proposition in neo-institutionalism or not, you will want to own this stunning volume. All the best bowlers are here, at the top of their games, the better to test your batting skills. It’s a testimony to Hodgson’s breadth and brilliance, but more: the state of play in a major field of economics.’
Deirdre Nansen McCloskey, University of Illinois at Chicago, US
Contributors include: M.C. Becker, C. Camic, J.B. Davis, S. Deakin, K. Dopfer, G. Dosi, S. Dow, D. Gindis, F. Gagliardi, J. Groenewegen, G.M. Hodgson, T. Knudsen, R.N. Langlois, T. Lawson, L. Marengo, C. Ménard, J.S. Metcalfe, P. Mirowski, A. Nuvolari, U. Pagano, J. Potts, J.W. Stoelhorst, A. Tylecote, J. Vromen, V.J. Vanberg

Contents:

PART I INTRODUCTION
1. Institutions and Evolution of Capitalism in Geoff Hodgson’s Work
Francesca Gagliardi and David Gindis

PART II FOUNDATIONS
2. Geoff Hodgson on Pluralism and Historical Specificity
Sheila C. Dow

3. Mathematical Modelling in Economics: Seeking a Rationale
Tony Lawson

4. Dissembling Nature, Elusive Economy
Philip Mirowski

5. The Rest of the Resume: Veblen’s Teaching and Service Activities
Charles Camic

6. Hodgson, Cumulative Causation and Reflexive Economic Agents
John B. Davis

PART III INSTITUTIONAL ECONOMICS
7. Bridging Original and New Institutional Economics?
John Groenewegen

8. Dimensionalizing Institutions
Claude Ménard

9. Juridical Ontology and the Theory of the Firm
Simon Deakin

10. The Corporation Is Not a Nexus of Contracts. It’s an iPhone
Richard N. Langlois

11. Property, Possession and Knowledge
Ugo Pagano

12. Near Misses – A Capitalist Aborted Take-Off and a No-Show: The United Provinces and Ming China
Andrew Tylecote

13. Institutions are Neither Autistic Maximizers nor Flocks of Birds: Self-Organization, Power and Learning in Human Organizations
Giovanni Dosi, Luigi Marengo and Alessandro Nuvolari

PART IV EVOLUTIONARY ECONOMICS
14. ‘Industry and Trade’: Marshall’s Magnificent Dynamics
J. Stanley Metcalfe

15. Generalized Darwinism, the Nature of Selection and Market Efficiency
J. W. Stoelhorst

16. Cultural Evolution, Group Selection and Downward Causation
Viktor J. Vanberg

17. Generalized Darwinism, Routines and Morality
Jack Vromen

18. The Ubiquity of Habits and Routines and their Contribution to Management Theory
Markus C. Becker

19. The Role of Selection Processes in Organizational Evolution
Thorbjørn Knudsen

20. Why Is Evolutionary Economics Not an Empirical Science?
Kurt Dopfer and Jason Potts

PART V GEOFF HODGSON ON GEOFF HODGSON
21. A Conversation with Geoff Hodgson
Francesca Gagliardi, David Gindis and Geoffrey M. Hodgson

Index