An Institutionalist Vision of a Good Economy |
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Authors: | Janet Knoedler Geoffrey Schneider |
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Institution: | (1) Department of Economics, Bucknell University, Lewisburg, PA 17837, USA;(2) Bucknell University Teaching and Learning Center, Bucknell University, Lewisburg, PA 17837, USA;; |
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Abstract: | The current crisis in global capitalism and the wide-ranging problems that have been caused by the promulgation of a regime
of deregulation of goods, services, and labor markets across the globe, but especially in the United States over the past
thirty years, may indeed prove to be the end of the neoliberal era. Thus it is an opportune time to reconsider how the global
economy could be restructured along more equitable and progressive lines. This paper will present the institutionalist vision
of just such a good economy, building on the ideas of Veblen, Ayres, Commons, and Galbraith. The institutionalist vision of
a good economy is productive but also non-invidious, democratic but also pragmatic, egalitarian but also efficient. The good
economy must therefore be embedded in key social institutions, and be regulated appropriately to preserve the most beneficial
social and cultural institutions. The good economy must, furthermore, be a full-employment economy, with jobs available to
all who are capable of making productive contributions to their society and to enable those who labor to work in decent conditions.
Finally, the good economy must provision all its members with the necessary means of subsistence for them to achieve their
human aims. |
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