To institutionalists, the important "institutions" of economic life include customs, habits, morals, and laws. These are believed to be more important in shaping economic life than are marketplace principles. Institutionalists emphasize a historical interpretation of social life, asserting that economic generalizations should be relevant to time and place. Institutionalist ideas greatly influenced economic policies that were created in response to the Great Depression.
©1988 by Carmichael & Carmichael, Inc. / Knowledge Products; (P)Blackstone Audiobooks
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