New institutionalism, old institutionalism, and distribution theory. From: Journal of Economic Issues | Date: June 1, 1996| Author: Colander, David | COPYRIGHT 1996 Association for Evolutionary Economics. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan.  All inquiries regarding rights should be directed to the Gale Group.Copyright information

To theorize about observed reality, one must abstract. This process of abstraction requires making leaps of faith about the nature of the observed interrelationships in that reality. These leaps of faith become embodied in implicit and explicit assumptions that become part of one's world view. It was differing views on the appropriate leap of faith that led to the parting of company of institutionalist and neoclassical economists in the early 1900s.

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