Clarence Edwin Ayres was the leading American institutionalist economist in the post-World War II era. His innovative theories concerning the causes and significance of technological change provided the philosophical framework for that school of economics called institutionalism. In his recognition that the critical economic issues of the future would be the realization of the full economic potential of industrial society and the development of the third world, he was at least twenty years ahead of his time. In addition, Ayres's influence as an economics teacher at the University of Texas...