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On the Decline of American Institutionalism: Some Historiographic Considerations

It is generally acknowledged that the waning of institutionalism as a vital force in the United States after 1940 was the result of the victory of post World War II neoclassicism over any methodologically alternative approach to economics. The aim of this paper is to confute such a simplistic thesis and to shed new light on the reasons which led to the decline of insitutionalism. This study attempts to make some suggestion on the possible influence of four historical events which deeply influenced American economic thinking during the 30s, namely: 1) Chamberlinis studies on monopolistic competition, 2) Coaseis famous contribution on the nature of the firm, 3) the advent of the Keynesian revolution in America, and 4) the emergence of econometrics as an independent discipline.