In these lectures Shigeto Tsuru reappraises institutionalism as a school of thought and discusses its relevance for the issues that face the economics profession today. He begins with a historical perspective by reconsidering Marx as an "institutionalist," which provides a context for a discussion on Keynes, Schumpeter and Veblen. This is followed by an examination of modern institutionalism through the work of Gunnar Myrdal, J. K. Galbraith and William Kapp. He concludes with an evaluation of the future of the institutionalist approach.