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Institutions + Theory

"The problem with the Historical School and many of the early Institutionalists is that they wanted an economics with institutions but without theory; the problem with many neoclassicists is that they want economic theory without institutions. What we should really want is both institutions and theory--not only pure economic theory informed by the existence of specific institutions, but also an economic theory of institutions."

Langlois, Economics as a Process (1986)

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