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each resort to institutionalist methods. In other words, Jessop anticipates that
institutionalism as the congeries of particular institutionalisms(as opposed to
institutionalism in general) often concretely abuts on to a theoretical procedure,
degree of discontinuity in which does not perforce extirpate the substantial bases for a
continuity of other more systematic elements in that very paradigm or theory.
Bottomline is the fact that institutionalism is still a very myriad phenomenon strategic
subtext of which changes with the exact abscissa of the said theory/paradigm prior to
any institutionalist infléchissement.
3.2 Economic Sociology/Sociological Institutionalism
Institutional economics of the interwar years was basically an American breakthrough
in economic thinking which had scarcely earned any foothold outside the underground
of non-mainstream economic theory up until the late 1980s. Despite the fact that this
American institutionalism had afforded certain heuristic concepts for the study of
macroeconomic variables in non-reductionist and non-reductivist terms which
Keynesian economists later borrowed along their audacious imprimatur of
macroeconomics as a substantial level of analysis, the postwar years were a time of
impasse for institutionalism in general. Though for the likes of Geoffrey
Hodgson(1994), this deadlock of the institutionalist paradigm foremostly stemmed
from the increasing elitism of mechanical understanding of economic systems qua
neoclassical economics on the one hand and the otherwise stale truism that politics of
neoclassical theory is plainly pro-market(so that as opposed to its theoretical
weaknesses were the basis for a proverbial furor) on the other, many today consider
the Parsonian and/or Durkhemian design of disciplinary hierarchy between economics
and sociology as technically the real coup de grace against economic sociology(and
institutional economics). For Parsons, sociology is thoroughly a science of
institutions and the American institutionalism was at best a unsought sabotage of the
otherwise prolific science of economics in neoclassical terms.
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