The starting point of the essays in this text is Marc Tool’s seminal work in the field: the essays thus honour Tool by extending his analysis and ideas. The essays are loosely grouped under three headings: the theory of social value; the instrumental value principle; and extensions of Toolian themes. Many of the issues discussed are fundamental to institutional economics as well as to the social sciences in general. Among them are social value, valuation, instrumentalism, pragmatism, post-modernism and critical rhetoric. The book balances theoretical essays with ones that deal with actual problems in economics and policy.