Value Theory and Economic Progress

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.

Booknews

The old saw about Plato<-->"I heard he was a great teacher, too bad he didn't publish"<-->was also true of the great institutionalist economic theorist, whose theory and applications are carefully described here by one of his former students. Tool (emeritus, economics, California State U., Sacramento) compiled material from Foster's papers, his taped and transcribed lectures, lecture notes, and publications of his students to present Foster's theories of scientific social inquiry, pragmatic instrumentalism, his critique of utility value theory and the normative-positive distinction, his views on democracy and social change, his critique of ism-ideologies, and his view on Keynes. Annotation c. Book News, Inc., Portland, OR (booknews.com)