The old and the new differ in many respects... The dispute centers on five main issues

ii. The emphasis to be placed on individual behaviour leading to social institutions as opposed to the effect of social institutions in moulding individual behaviour. | iii. The validity of rationalist explanations as opposed to those that place limits on the applicability of rationalist conceptions. | iv. The extent to which institutions are the result of spontaneous or invisible-hand processes as opposed to deliberate design. | v. The basis on which normative judgements can be made, and the appropriate role of government intervention in the economy. | p. 174