A collection of essays, this book spans Marxian and Sraffian economics on the one hand and institutional economics on the other. Recent events in eastern Europe have underlined the limitations of Marxian economic and political theory. Hodgson subjects Marxian economic theory to critical examination and shows which elements retain their modern relevance. After considering the contribution of Sraffa's work and indicating both its critical potential and theoretical limitations, he points to a new synthesis which embraces Marx, Keynes and Veblen.