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Institutional Economics and the Problem of Historical Specificity

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The Historicity of Economics

Part of the book series: Studies in Economic Ethics and Philosophy ((SEEP))

Abstract

The problem of historical specificity starts from the supposition that different socio-economic phenomena require theories that are in some respects different from each other. An adequate theory of, say) the feudal system will differ from an adequate theory of, (say) capitalism. Any common aspects of these theories will reflect common features of the real systems involved. Accordingly, some powerful theories will probe beneath superficial differences and generalise upon some common elements or structures. Nevertheless, variances between different systems could be so important that the theories and concepts used to analyse them must also be substantially different. With diverse, complex phenomena, there are limits to explanatory unification. A fundamentally different reality may require a different theory.

The author is very grateful to Paul Dale Bush, Wolfgang Drechsler, Ross Emmett, Uskali Mäki, Helge Peukert, Malcolm Rutherford, Peter Senn and others for discussions on the topics in this essay. It draws heavily on material from Hodgson, 2001).

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Authors
  1. Geoffrey M. Hodgson
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  2. Helge Peukert
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  3. Ulrich Witt
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Editors and Affiliations

  1. SFB „Wissenskultur und gesellschaftlicher Wandel“, J. W. Goethe-Universität Frankfurt am Main, Grüneburgplatz 1, 60323, Frankfurt am Main, Germany

    Heino Heinrich Nau MBA

  2. Seminar für Volkswirtschaftslehre FB 02: Wirtschaftswissenschaften Fach 62, J. W. Goethe-Universität Frankfurt am Main, Senckenberganlage 31, 60325, Frankfurt am Main, Germany

    Bertram Schefold

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Hodgson, G.M., Peukert, H., Witt, U. (2002). Institutional Economics and the Problem of Historical Specificity. In: Nau, H.H., Schefold, B. (eds) The Historicity of Economics. Studies in Economic Ethics and Philosophy. Springer, Berlin, Heidelberg. https://doi.org/10.1007/978-3-540-24824-8_4

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