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In the Spring 1998 (56(1): 47-57) and Fall 1998 (56(3): 295-306, 307-310) issues of this review, Howard Sherman and Geoffrey Hodgson debated, inter alia, the extent to which Veblen-Ayres institutionalism is compatible with Marx and recent Marxist work. This paper argues that the differences between Hodgson and Sherman"s positions do not rely on assumptions of "illogical" behavior, individualist arguments or structural conceptions of the individual. Instead, the debate turns on the authors' respective conceptions of the formation and role of the human mind in what it is to be a social individual. [ABSTRACT FROM AUTHOR]