Some random thoughts concerning the symbiotic relationship between social and institutional economics

An intellectual symbiosis exists between social economics and institutional economics because the strengths and weaknesses of these two leading schools of heterodox economic thought are complementary. Axiology and goals are the strength of social economics and the weakness of institutional economics. Epistemology and methodology are the strength of institutional economics and the weakness of social economics. The rationalistic and metaphysical axiology of the social economists can be effectively merged with the empirical and pragmatic epistemology of the institutional economists. The resulting symbiotic synthesis will certainly provide the basis for a creative integration of social and institutional economics into a new and improved school of heterodox economic thought.