Institutional Economics

Theory and Practice

James I. Sturgeon

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English

Polity Press
08 July 2025

Economics

Institutions are the controlling force at the center of any economy. They organize and control all economic activity from markets to producers, consumers to governments, and more. Institutions determine how fundamental economic questions such as, what, how, and for whom, are answered. Thus, scientific analysis of economic activity requires a deep and systematic understanding of institutions.

This much-needed text provides students with a comprehensive introduction to the increasingly influential field of Institutional economics. Across its ten chapters, it unpacks the history, theory, applications, policies, and methods of Institutional economics, carefully blending theoretical, conceptual and empirical elements that together illuminate the complexity of the modern economy. Topics covered include production, consumption, class and distribution, development, value theory, and specific institutions including the corporation, property, labor, and government. Each chapter concludes with selected questions or issues posed as a basis for class discussion and further research.

Written in a lively and accessible style for students new to the topic, this book is set to become the go-to resource for classes on institutional economics across the world.

By: James I. Sturgeon
Imprint: Polity Press
Country of Publication: United Kingdom
Dimensions: Height: 226mm, Width: 150mm, Spine: 23mm
Weight: 431g
ISBN: 9781509556700
ISBN 10: 1509556702
Pages: 256
Publication Date: 08 July 2025
Audience: Professional and scholarly , Undergraduate
Format: Paperback
Publisher's Status: Active

James I. Sturgeon is Economics Professor Emeritus at the University of Missouri-Kansas City. He taught Institutional Economics for over forty years and served as Economics Department chair. He is an Honorary Fellow at Bremen University, Germany, a Senior Fellow at the Levy Economics Institute, and previously a staff economist at the United States Federal Trade Commission. He was co-founder and past president of the Association for Institutional Thought and past president of the Association for Evolutionary Economics.

Reviews for Institutional Economics: Theory and Practice

""This is a long-awaited introduction to institutional economics. It is an accessible study guide and an original inquiry into approaching economic problems and life provisioning in an evolutionary but non-linear way."" Zdravka Todorova, Wright State University ""Condensing the wide and branching lines of method and theory that make up (original) institutional economics is a challenging, but sorely needed, endeavor. James Sturgeon has succeeded in that here, with an accessible text full of history, theory, philosophy, contemporary examples, and a bit of humor for good measure."" Erik Dean, Portland Community College and Modern Money Lab