Abstract:
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“Process and institutions together form the economy. Some students stress the material resources and equipment - the ecology and technology - which make up the process; others, like myself, prefer to point to the institutions through which the economy is organized. Again, in inquiring into the institutions one can choose between values and motives on the one hand and physical operations on the other, either of which can be regarded as linking the social relations with the process. Perhaps because I happen to be more familiar with the institutional and operational aspects of man’s livelihood, I prefer to deal with the economy primarily as a matter of organization, and to define organization in terms of the operations characteristic of the working of the institutions…” |