Conclusion
To conclude, it is worthwhile noting that institutionalists, like old institutionalists and historicists before them, often have a rather relativistic view of economic theory, at the very least because economic systems and institutions evolve, and hence theories that describe them must evolve too.
They have therefore been at the forefront of the defence of pluralism in economics. For example, in 1992, at the initiative of Hodgson, Uskali Maki and Deirdre McCloskey, a plea for pluralism in economics was circulated, signed, and published as an advertisement in the American Economic Review. It is not by mere chance that prominent authors classified as or close to institutionalists have signed it: among others, Eirik Furubotn, Galbraith, Albert Hirschman, Kornai, Nelson and Simon. Similarly, institutionalists express a strong interest in the history of economic thought, from which they adopt and revive concepts.Elodie Bertrand