""Institutional economics" alone meets the demand for a generalized description of the economic order. Its claim is to explain the nature and extent of order amid economic phenomena, or those concerned with industry in relation to human well-being. In the words of Edwin Cannan, it attempts to tell "why all of us are as well off as we are" and "why some of us are better off than others." Such an explanation cannot properly be answered in formulas explaining the processes through which prices emerge in a market. Its quest must go beyond sale and purchase to the peculiarities of the economic system which allow these things to take place upon particular terms and not upon others."
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Academics from the United StatesEducators from the United StatesEconomists from the United StatesYale University facultyPeople from Tennessee
Original Language: English
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https://en.wikiquote.org/wiki/Walton_Hale_Hamilton
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Walton Hale Hamilton
1928 – 1948
Walton H. Hamilton (October 30, 1881 – October 27, 1958]]) was an American law professor who taught at the Yale Law School (1928–1948), although he was an economist, not a lawyer. In 1919 Hamilton coined the term "Institutional economics".
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