Abstract

The heterodox economic agent is a creature best addressed from a pragmatist perspective. We show how the American Institutional Economics concept of agent offers an essential perspective when evaluating political economic concerns of today. Closely linked to pragmatist literature, American Institutionalism adds a contextual richness to agency theory that is absent from conventional economics. The agent of American Institutionalism, and heterodox economics in general, is a pragmatic creature, operating in real time, constantly trying to solve problems and adapt to ever changing reality. This guides political economic thought toward an evolutionary view and provides an important perspective on the democratic process