Comment on Geoffrey M. Hodgson’s “What Are Institutions?”
This comment argues a point that may seem obvious to some readers. Hodgson's definition of "institutions" is best understood by situating his theory within the larger intellectual context of the ontological movement in philosophy and social science, which has occurred over the past quarter century. The critical realist movement is perhaps the best-known expression in economics of the movement to restore ontology. Hodgson has much in common with critical realism, although he does not appear uncritically to accept any particular formulation of that doctrine (e.g. 2004aj 2004b). While it is not my intention to label Hodgson or attribute anyone else's views to him, I want to suggest that his definition of an institution is certainly consonant with, and should be understood as being positioned broadly within, the ontological movement in social theory. I myself advocate a renewed emphasis on ontology, although I have expressed some criticisms regarding how the ontological turn has been carried out in economics (Wilson 200Saj 200Sb).