Original article History of Economic Thought, Methodology, and Heterodox Approaches

FOUNDATIONS OF CONTEMPORARY ECONOMICS: JOHN ROGERS COMMONS AND INSTITUTIONAL ECONOMICS

Henrik Egbert - Anhalt University of Applied Sciences, Germany
Teodor Sedlarski - Sofia University St. Kliment Ohridski
Aleksandar B. Todorov - University of Economics – Varna
Received: 12 Dec 2024
Revised:
Published:
Downloads: 0
Citations: 0
Book 4/2024
JEL B31 B25 B15 K00 A14
DOI https://doi.org/10.56497/etj2469404

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.

How to cite this article

Egbert, H., Sedlarski, T., Todorov, A. B. (2024). Osnovi na savremennata ikonomika: John Rogers Commons i institutsionalnata ikonomika (Foundations of Contemporary Economics: John Rogers Commons and Institutional Economics). Economic Thought Journal, 69 (4), 485-500 (in Bulgarian). https://doi.org/10.56497/etj2469404

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