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Institutional Economics: Theory, Method, Policy pp 119–172Cite as

The Theory of Instrumental Value: Extensions, Clarifications

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Part of the book series: Recent Economic Thought ((RETH,volume 31))

Abstract

Institutional economists have long argued that social value theory is and must be an integral part of economic inquiry. They have recognized that inquiry, addressed directly or indirectly to problem analysis, is purposive in the normative sense. To define an economic problem is to distinguish between “what is” and “what ought to be.” Constructs of social value are employed, then, in identifying the social significance of economic inquiry. In recent years, institutional economists have contributed to a theory of instrumental social value. In this chapter, I explore elements and attributes of this theory of instrumental value and, in particular, present recent extensions and theoretical clarifications of this value theory.

I would like to express my deep appreciation to Paul D. Bush for extensive comments on earlier drafts of this chapter. Remaining errors are my own, of course.

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Notes

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Notes

  1. We have noted elsewhere that scholars in critical rhetoric, feminist philosophy of science and literary criticism all grapple with these same issue. See William Waller and Linda Robertson, “Why Johny (Ph.D., Economics) Can’t Read,” Journal of Economic Issues 24, (December 1990): 1027–1044.

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  1. California State University, Sacramento, 5708 McAdoo Avenue, Sacramento, CA, 95819

    Marc R. Tool (Professor Emeritus of Economics)

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  1. California State University, Sacramento

    Marc R. Tool (Professor Emeritus of Economics) (Professor Emeritus of Economics)

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Tool, M.R. (1993). The Theory of Instrumental Value: Extensions, Clarifications. In: Tool, M.R. (eds) Institutional Economics: Theory, Method, Policy. Recent Economic Thought, vol 31. Springer, Dordrecht. https://doi.org/10.1007/978-0-585-29604-3_4

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  • DOI: https://doi.org/10.1007/978-0-585-29604-3_4

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