Shigeto Tsuru is one of Japan's most respected senior economists. In these lectures, he provides a reappraisal of institutionalism as a school of thought and discusses its relevance for the issues which the economic profession today must tackle. Tsuru reconsiders Marxian political economy as an 'institutionalist school', which provides a context for the following discussion of J. M. Keynes, Joseph Schumpeter and Thorstein Veblen. He goes on to present the four key elements of modern institutionalism - i.e., the open-system character of the economy; the problem of planning; the evolutionary process of modern economics; and the normative character of economics - by way of an examination of three present-day institutionalists, Gunnar Myrdal, John K. Galbraith, and K. William Kapp. Tsuru concludes with an evaluation of modern institutionalism and the future of institutional economics.
1. Reappraisal of Marxian political economy as 'institutionalism' in the broad sense of the term
2. The methodology of aggregates: Keynes vs Marx
3. Marx vs Schumpeter on business cycles
4 Institutional economics in America: Veblen
5. Modern institutionalism
6. The future of institutional economics I: in place of GNP
7. The future of institutional economics II: the mixed economy as a mode of production