Value Theory and Economic Progress: The Institutional Economics of J. Fagg Foster

J. Fagg Foster (1907-1985) was one of the most significant creators of institutionalist economic theory in the 20th 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. This title 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, the author 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.