Progress and reform: the economic thought of John R. Commons

Abstract

This study re-examines the economic thought of John R. Commons. Specifically, Commons's work is examined with a regard for his contribution to the new and original institutional schools of economic thought. Toward this end this study attempts to first, organize Commons's economic system into a workable framework, second, reconcile Commons's value conception with those of other founding authors in the original institutional tradition, and third, to show the linkages between Commons's thought and the research agenda of the newer institutional school.