The earlier approach was a central element in American economics in the interwar years after 1919 but was marginalized to a relatively minor role as to mainstream economics in the postwar period with the ascendence of neoclassical and Keynesian approaches. It continued, however, as a leading heterodox approach in critiquing neoclassical economics and as an alternative research program in economics. The leading Swedish economist Lars Pålsson Syll is a believer in institutional economics. He is an outspoken opponent to all kinds of social constructivism and postmodern relativism.
Read more about this topic: Institutional Economists
Famous quotes containing the word today:
“To the degree that respect for professors ... has risen in our society, respect for writers has fallen. Today the professorial intellect has achieved its highest public standing since the world began, while writers have come to be called men of letters, by which is meant people who are prevented by some obscure infirmity from becoming competent journalists.”
—Robert Musil (18801942)