This book investigates the problematic absence of historical context within modern economic theory and the resulting limitations of social science models. Geoffrey M. Hodgson, a prominent institutional economist, examines how the discipline of economics shifted toward universal, ahistorical mathematical models at the expense of understanding specific social and institutional evolutions. He argues that by ignoring historical specificity, economists fail to account for the path-dependent nature of economic systems and the role of evolving institutions in shaping human behavior. The text provides a rigorous critique of neoclassical methodology while proposing a more historically grounded approach to economic analysis.

Experts in institutional economics and economic history recognize this work as a significant contribution to the debate over the scientific status of economics. Readers frequently note the academic density of the prose, which requires a strong background in economic theory to fully appreciate the author's arguments.