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Foundations of Contemporary Economics: John Rogers Commons and Institutional Economics

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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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    References listed on IDEAS

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    1. Malcolm Rutherford, 2001. "Institutional Economics: Then and Now," Journal of Economic Perspectives, American Economic Association, vol. 15(3), pages 173-194, Summer.
    2. Geoffrey M. Hodgson, 1998. "The Approach of Institutional Economics," Journal of Economic Literature, American Economic Association, vol. 36(1), pages 166-192, March.
    3. Charles J. Whalen, 2022. "The Institutionalist Method and Vision of John R. Commons," Journal of Economic Issues, Taylor & Francis Journals, vol. 56(4), pages 1006-1018, October.
    4. R. A. Gonce, 1971. "John R. Commons’s Legal Economic Theory," Journal of Economic Issues, Taylor & Francis Journals, vol. 5(3), pages 80-95, September.
    5. Geoffrey M. Hodgson, 2000. "What Is the Essence of Institutional Economics?," Journal of Economic Issues, Taylor & Francis Journals, vol. 34(2), pages 317-329, June.
    6. Vincent Ostrom, 1976. "John R. Commons’s Foundations for Policy Analysis," Journal of Economic Issues, Taylor & Francis Journals, vol. 10(4), pages 839-857, December.
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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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