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Foundations of Contemporary Economics: John Rogers Commons and Institutional Economics

Year: 2024

Type: article

Abstract: John Rogers Commons (1862-1945) was a prominent representative of American institutionalism in the early decades of the 20th century. As a political economist and sociologist, he developed an institutional approach, defining institutions as collective actions which take place within given norms such as law, habits, and customs. Additionally, he introduced the transaction as the smallest unit of interaction in economic theory. Commons' studies of the labour market, the role of law, and his social policy work in legislation made him one of the most influential proponents of old institutional economics.

Source: Economic Thought journal

DOI: 10.56497/etj2469404

Authors: Henrik Egbert, Teodor Sedlarski, Aleksandar B. Todorov

Institutions: Sofia University "St. Kliment Ohridski", University of Economics Varna

Language: English

Topic: Economic Theory and Institutions

Subfield: Economics and Econometrics

Field: Economics, Econometrics and Finance

Domain: Social Sciences

Open Access status: bronze

OpenAlex ID: W4405378109

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