Commentary on Economic Philosophy Of Institutions: A Market And State Perspective

Fareeha Adil, Rabia Nazir

Abstract

This study investigates the philosophy of institutions by delving deeper into the constructs of economic doctrines and school of thoughts, especially from the crucial perspective of Market and State. How the Classicals Invisible hand-market and state philosophy is founded on Aristotelian philosophy of “distributive justice” and the maxims of self-interest. How Platonism inspired Keynes to put forth a market and state philosophy, planted in real world with no omissions of institutional arrangements. We further analyze how Neo-Classicals, Monetarism, New Classical and Institutionalism intervened and reshaped the institutional perspectives of Market and State over time