Walton Hale Hamilton: Generation

“There [is]… a list of five tests which any body of doctrine which aspires to the name of economic theory must be able to meet:
1. Economic theory should unify economic science. - The task of a general body of theory in any subject is to give unity to its investigations…
2. Economic theory should be relevant to the modern problem of control. - Students of economics should spend their efforts upon subjects worth investigation…
3. The proper subject-matter of economic theory is institutions. - The demand that economic theory relate to institutions is implicit in the plea for its relevancy…
4. Economic theory is concerned with matters of process. - If economic theory is to treat of institutions it must know both the kinds of things institutions are and the kinds of things they are not…
5. Economic theory must be based upon an acceptable theory of human behavior.”

Walton Hale Hamilton

After all control and institutions and processes are immediate things. They can all be translated into terms of human conduct...
Source: The Institutional Approach to Economic Theory, 1919, p. 311-6

Behavior , Problem , Effort , Science

“In some form or other the rivalry of men will continue to be employed as an instrument of the general welfare. It is not important that the arrangements which currently are set down as the competitive system will endure. It is important that the spirit of competition shall be enhanced and not impaired. There must be an outlet for the creative urge, free play for the dynamic drive. In a society, as in the physical world, motion is inseparable from life.”

Walton Hale Hamilton

Walton H. Hamilton (1957), The politics of industry, p. 168-69; as cited in: Arnold, Thurman. " Walton Hale Hamilton https://www.jstor.org/stable/794455." The Yale Law Journal 68.3 (1959): 399-400.

Life , Men , World

“"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.”

Walton Hale Hamilton

Source: The Institutional Approach to Economic Theory, 1919, p. 311

Nature