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The article presents information on an unpremeditated symposium on the economic theory of Clarence E. Ayres. The article argues that Ayres and the Tower on the campus of the University of Texas are two of the dominant features of the academic landscape in the Southwest. Both have been centers of controversy, ranging in intensity from mild to boiling. It seems that few who have considered either have escaped partisan reaction for, or against. The article informs that this issue of the "Southwestern Social Science Quarterly" deals with four examinations of Ayresian economic theory, which range from bitter attack to capable defense, with a note of mildness in between. Together, they should give the reader a fairly complete view of this scholar's ideas. These papers were not solicited, and there was no idea of a symposium on Ayresian theory, when the first of the four, that by Jack Robertson was received. This paper was soon followed by that of Manuel Gottlieb. Both were highly recommended for publication by economists respected for their competence in the field.

The article presents comments of the author on the papers "Toward a Reconciliation of Institutional Economics and Its Critics," by Coldwell Daniel and "Beyond the Market Economy Building Institutions That Work," by Clarence E. Ayres that were published in the March 1970 issue of the periodical "Social Science Quarterly." The author's purpose in writing this comment is to attempt again the reconciliation of institutional and conventional economics. The first step in reconciliation is to differentiate the two theories. Ayres' great contribution to economic theory is his application of scholar John Dewey's instrumental theory of normative value to economics. Ayres' methodology is pragmatic and inductive, and his theory is clearly in the category of normative economics--the theory of what ought to be. It is equally clear that conventional theory uses a deductive methodology and that the resulting theory is positive economics-the theory of what is. It is obviously true that there are positive implications of Ayres' institutional theory and normative implications of conventional theory; but these implications are not essential to the respective theories. If these non-essential implications are eliminated, then Ayres' institutionalism and conventional theory become completely compatible. There are, also, deductive normative economic theories.