Association for Evolutionary Economics

The Association for Evolutionary Economics (AFEE) is an international organization of heterodox economists working in the institutionalist and evolutionary traditions of Thorstein Veblen, John R. Commons and Wesley Mitchell. It is part of the Allied Social Sciences Association (ASSA), a group of approximately 55 organizations including the American Economics Association (AEA), that holds a three-day meeting each January.

History

AFEE originated in 1959 as an informal group that met in a rump session of the ASSA meetings. They called themselves the Wardman Group after the Wardman Park Hotel in Washington D.C. where the initial 1959 meeting took place.[1]

The founding members were economists who found it increasingly difficult to get their papers included on sessions sponsored by the American Economics Association.[2] Although the AEA was founded by the institutionalist economist Richard T. Ely, by the 1950s it had drifted away from the institutionalist approach and towards abstract mathematical modelling. The members of AFEE are sometimes called "old institutionalists"[3] to distinguish them for the followers of New Institutional Economics.

The Wardman Group renamed itself the Association for Evolutionary Economics (AFEE) in 1965. Clarence E. Ayres was elected the first president and he presided over presentations at the ASSA meetings in San Francisco in December 1966. In 1967, AFEE began publishing a quarterly academic journal, the Journal of Economic Issues.

In the 1970's, the "old institutionalists" competed with the Marxists and the Post Keynesians for prominence within heterodox economics but by the 1980's they began to be noticed once again.[3] In 1979, some members of AFEE who thought it had deviated too far from its roots, formed a sister organization, the Association for Institutionalist Thought (AFIT).[4] The stature of old, or original, institutional economics was further strengthened by the formation in 1988 of the European Association for Evolutionary Political Economy.

Aims and Scope

AFEE views itself as running parallel to the AEA in covering all areas of economics. It places less stress on mathematical model building and more on a realistic analysis of economic policy issues. It is open to interdisciplinary approaches that incorporate insights from history, psychology, management science and political science. Moreover, it stresses the importance of broadening the scope of economics to consider questions of economic ends, as well as economic means.[5] Since its founding, AFEE has confronted issues of environmental degradation, inequality, corporate power, the negative effect of advertising and the limitations of economic growth as a measure of economic success.

Awards and Scholarships

The Veblen-Commons Award is given annually in recognition of the contributions made by an outstanding scholar in the field of evolutionary institutional economics. Past recipients include Gunnar Myrdal, John Kenneth Galbraith, Gardiner Means, and Hyman Minsky.

The James H. Street Latin American Scholarship is awarded to a person residing in Latin America and working within the tradition of original institutional economics. The James H. Street scholar is awarded round trip transportation and accommodation at the ASSA meetings and given the opportunity to present his or her work.

Criticisms

AFEE is criticized for failing to adhere to the modern standards of the economics profession that requires theories be expressed in mathematical form. With their tradition of advocating government solutions to economics problems, they have also been criticized for being ideologically biased towards the left of the political spectrum.

References

  1. ↑ Rutherford, Malcolm (2001). "Institutional Economics: Then and Now". The Journal of Economic Perspectives 15 (3): 185. doi:10.1257/jep.15.3.173.
  2. ↑ Bush, Paul Dale (June 1991). "Reflections on the Twenty-Fifth Anniversary of AFEE". Journal of Economic Issues XXV (2): 322.
  3. 1 2 Hodgson, Geoffrey M. (2002). A Modern Reader in Institutional and Evolutionary Economics: Key Concepts. Edward Elgar Publishing Ltd. pp. xvi. ISBN 1 84064 495 8.
  4. ↑ O'Hara, Phillip Anthony (2000). "Association for Evolutionary Economics and Association for Institutionalist Thought". Encyclopedia of Political Economy 1. Routledge. pp. 20–23. ISBN 0415241863.
  5. ↑ Gruchy, Allan G. (March 1969). "Neoinstitutionalism and the Economics of Dissent". Journal of Economic Issues 3 (1): 3.

External links

This article is issued from Wikipedia - version of the Wednesday, January 20, 2016. The text is available under the Creative Commons Attribution/Share Alike but additional terms may apply for the media files.