J. Fagg Foster (1907-1985) was one of the most significant creators of institutionalist economic theory in the twentieth century. He wrote and taught in the American intellectual tradition of Thorstein Weblen, John R. Commons, John Dewey and Clarence E. Ayres. This tradition shares purpose and philosophy with the European contributors, Gunnar Myrdal and K. William Kapp. Because little of Foster's scholarly work was formally published, professional knowledge of his extraordinary contribution is quite limited beyond the circle of his students and colleagues. Value Theory and Economic Progress attempts to correct that deficiency by providing an extended characterization of this missing and crucial component of the development of American heterodox economic thought. Its purpose is to demonstrate the timely relevance and significance of this model of inquiry in political economy. In addition, this volume explains that contemporary problem solving means changing `what is' into `what ought to be' through institutional adjustments; such a demonstration is at the heart of Foster's contribution to institutional thought.

Marc R. Tool, both through his writings and his editorship of the Journal of Economic Issues, has had a profound influence on institutional economics. Tool's efforts, in his own words, "has been to keep values on the agenda of economic inquiry," which is another way of saying "keep economic inquiry relevant. " Tool's work on the theory of social value and instrumental valuation has helped to keep institutional economics focused on the core economic and social issues facing society, providing both a perspective from which to analyze the economy and a criteria for evaluating outcomes. This collection of essays is a testament to this legacy. Although these 15 chapters cover a wide and diverse range of topics, it is the common themes which are most striking: the inescapable necessity of values in economic discourse; the central role of valuation in economic activity; and most importantly, the requirement of democratic participation to achieve "efficient" solutions to the economic problem. These essays are offered to honor a body of work, a set of ideas, but mostly a man who, by directing economic inquiry to these core issues, has promoted "the continuity of human life and the noninvidious recreation of community through the instrumental use of knowledge.

This is a collection of Marc Tool's essays on instituitional econonics, written over the 1980s.

This is a ground-breaking book about the foundations of institutional economics. K. William Kapp presents the economic role of institutions for economic development, capital formation and technological dynamics in an easily accessible and comprehensive manner. As a front-rank 20th century institutional economist, Kapp pulls together arguments from a variety of sources, including Thorstein Veblen, John Kenneth Galbraith and Gunnar Myrdal, all of which emphasize the crucial role of institutions. The author cements institutional economics as a distinct and coherent framework of analysis to effectively address urgent socio-economic problems, such as environmental disruption and sustainable development. This book begins with a critique of conventional (neoclassical) economics and an overview of the antecedents of institutional economics. The core of the book is formed by the chapters on institutions, human economic behavior and needs, arguing that institutional change is key to directing economic development towards sustainable and adequate living conditions, rather than merely formal growth formulas. The final chapters provide the reader with the institutional theories of capital and technology, showing how capital formation and technological dynamics are determined by institutions, such as the principle of investment for profit. The appendix complements Kapp’s plea for institutional change with articles on science and technology, social costs, substantive economics, and circular and cumulative causation. This book is suited for readers at all levels who are interested in institutional economics, the history of economics thought, political economics as well as ecological and heterodox economics. Researchers and students will find it to be an easily accessible and a concise elaboration on the foundations of institutional economics.

Institutional economics is a sociocultural discipline and policy science which draws on the idea that economies are best understood through an appreciation of history, real-world institutions, and socioeconomic interrelations. This book brings together leading institutionalists to examine the tradition’s most essential perspectives and methods. The contributors to the book draw on a broad range of institutional thought from the classic work of Thorstein Veblen, John R. Commons, and Karl Polanyi, to the newer viewpoints of post-Keynesian institutionalism, feminist institutionalism, and environmental institutionalism. Methods range from frameworks used to analyze public policy and institutional change, to modes of analysis including myth busting, historically grounded narratives, and computer-based simulations. Each chapter surveys the origins, development, key features, applications, and frontiers of a particular viewpoint, framework, or mode of analysis. Due consideration is given to both strengths and weaknesses; and woven into the chapters is attention to core institutionalist concepts, including technology, institutions, culture, and complexity. The book provides economists with promising starting points for new research, students with contributions refreshingly in touch with the real world, and policymakers and social scientists with compelling reasons for engaging further with the institutionalist tradition.

This exciting new book from Geoffrey Hodgson is eagerly awaited by social scientists from many different backgrounds. This book charts the rise, fall and renewal of institutional economics in the critical, analytical and readable style that Hodgson's fans have come to know and love, and that a new generation of readers will surely come to appreciate.