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Foundations of Contemporary Economics: John Rogers Commons and Institutional Economics

Author

Listed:
  • Henrik Egbert
  • Teodor Sedlarski
  • Aleksandar B. Todorov

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.

Suggested Citation

  • Henrik Egbert & Teodor Sedlarski & Aleksandar B. Todorov, 2024. "Foundations of Contemporary Economics: John Rogers Commons and Institutional Economics," Economic Thought journal, Bulgarian Academy of Sciences - Economic Research Institute, issue 4, pages 485-500.
    • Handle: RePEc:bas:econth:y:2024:i:4:p:485-500
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    More about this item

    JEL classification:

    • A14 - General Economics and Teaching - - General Economics - - - Sociology of Economics
    • B15 - Schools of Economic Thought and Methodology - - History of Economic Thought through 1925 - - - Historical; Institutional; Evolutionary
    • B25 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925 - - - Historical; Institutional; Evolutionary; Austrian; Stockholm School
    • B31 - Schools of Economic Thought and Methodology - - History of Economic Thought: Individuals - - - Individuals
    • K00 - Law and Economics - - General - - - General (including Data Sources and Description)

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