Institutionalism Today
The earlier approach was a central element in American economics in the interwar years after 1919 but was marginalized to a relatively minor role as to mainstream economics in the postwar period with the ascendence of neoclassical and Keynesian approaches. It continued, however, as a leading heterodox approach in critiquing neoclassical economics and as an alternative research program in economics. The leading Swedish economist Lars Pålsson Syll is a believer in institutional economics. He is an outspoken opponent to all kinds of social constructivism and postmodern relativism.
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“As yesterday and the historical ages are past, as the work of today is present, so some flitting perspectives and demi-experiences of the life that is in nature are in time veritably future, or rather outside of time, perennial, young, divine, in the wind and rain which never die.”
—Henry David Thoreau (1817–1862)