Evaluates the significance of Clarence Edwin Ayres′ contribution to the historical development of the institutionalist school of economic thought. Summarizes Ayres′ philosophy of pragmatic instrumentalism and integrates it into his theory of economic progress, which is disaggregated into its component parts: his theory of normative value; his theory of economic causation; and his theory of economic policy. Thoroughly explicates and carefully evaluates each of these theories. Concludes that Clarence Ayres has made an important contribution to the history of institutionalism by synthesizing the pragmatic philosophy of C.S. Peirce, William James, and John Dewey with the institutional economics of Thorstein B. Veblen, John R. Commons, and Wesley C. Mitchell.
Hill, L.E. (1992), "The Significance of Clarence Ayres' Pragmatic Instrumentalism in the History of Institutionalism", International Journal of Social Economics, Vol. 19 No. 2, pp. 25-30. https://doi.org/10.1108/EUM0000000000479
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