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

Notes from Wikiquote

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. - After all control and institutions and processes are immediate things. They can all be translated into terms of human conduct... | p. 311-6

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Finance

More quotes by Walton Hale Hamilton

Institutions is a verbal symbol which for want of a better describes a cluster of social usages. It connotes a way of thought or action of some prevalence and permanence, which is embedded in the habits of a group or the customs of a people.

INSTITUTION is a verbal symbol which for want of a better describes a cluster of social usages. It connotes a way of thought or action of some prevalence and permanence, which is embedded in the habits of a group or the customs of a people.

Walton H (1932)

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Quote text and notes from Wikiquote: Walton Hale Hamilton (page history), available under CC BY-SA 4.0. Source quality and labels are our own summary of what Wikiquote records.