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Institutional Economics and the Theory of Social Value: Essays in Honor of Marc R. Tool - Essays in Honor of Marc R. Tool (Hardcover, 1995 ed.)
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Institutional Economics and the Theory of Social Value: Essays in Honor of Marc R. Tool - Essays in Honor of Marc R. Tool (Hardcover, 1995 ed.)
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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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