Institutional Economics and the Theory of Social Value: Essays in Honor of Marc R. Tool

Institutional Economics and the Theory of Social Value: Essays in Honor of Marc R. Tool : Essays in Honor of Marc R. Tool

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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.
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Product details

  • Hardback | 281 pages
  • 152 x 229 x 20.57mm | 1,340g
  • Dordrecht, Netherlands
  • English
  • 1995 ed.
  • IX, 281 p.
  • 0792396065
  • 9780792396062

Table of contents

Preface. 1. Marc R. Tool's contributions to institutional economics; P.D. Bush. 2. From natural value to social value; C.M.A. Clark. 3. Institutionalism and value theory: an identity crisis? G. Parker Foster. 4. The urgency of social value theory in postmodern capitalism; D. Brown. 5. Pragmatism as a normative theory of social value and economic ethics; L.E. Hill, R.M. Traub. 6. Efficiency versus equity: a false dichotomy? G. Atkinson. 7. The instrumental value principle and its role; W.J. Samuels. 8. The instrumental efficiency of social value theory; E.S. Miller. 9. Instrumental valuation in a democratic society; P.A. Klein. 10. Compulsive shift of cultural blind drift? literary theory, critical rhetoric, feminist theory and institutional economics; W.T. Waller. 11. Structural change and the compulsive shift to institutional analysis; C.J. Whalen. 12. Beyond technology to democracy: The Tool legacy in instrumentalism; W.M. Dugger. 13. Marc Tool's social value theory and the family; J.B. Stanfield, J.R. Stanfield. 14. Market failure and regulatory reform: energy and telecommunications networks as a case study; H.M. Trebing. 15. Thorstein Veblen: science, revolution and the persistence of atavistic continuities; R. Tilman. References. About the authors. Author index. Subject index.
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