Institutional economics and neoclassicism in the early twentieth century: the role of physics.

From: Journal of Economic Issues | Date: June 1, 1995| Author: Ganley, William T. | Copyright information

The important discoveries of theoretical physics in the early part of the 20th century influenced the development of economic theory in that period. This influence resulted from the desire of neoclassical economists to develop economic theory into a mathematically-oriented field like physics. The physics of that period, however, were considered outdated. The proponents of institutional economics avoided the neoclassic theorists' dependence on physics and relied instead on concepts taken from ...

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