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Saving capitalism by making it good: the monetary economics of John R. Commons

In: Reforming Capitalism for the Common Good

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Abstract

This chapter examines John R. Commons's contributions to monetary economics. It explains that Commons's investigations of monetary economics were motivated by viewing business cycles as the most important of all labor problems and aiming to "save capitalism by making it good." The chapter also shows that Common's perspective anticipates the post-Keynesian endogenous approach to money and that his profit-margin theory of cycles underscores institutionalism's compatibility with John Maynard Keynes and post-Keynesianism.

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  • ., 2022. "Saving capitalism by making it good: the monetary economics of John R. Commons," Chapters, in: Reforming Capitalism for the Common Good, chapter 6, pages 74-92, Edward Elgar Publishing.
    • Handle: RePEc:elg:eechap:21712_6
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