Evolutionary Economics and Social Complexity Science

Contemporary Meanings of John R. Commons’s Institutional Economics

An Analysis Using a Newly Discovered Manuscript

Editors: Uni, Hiroyuki (Ed.)

  • Provides the first comparative analyses of J. R. Commons's Institutional Economics published in 1934 and a newly discovered manuscript written in 1927
  • Clarifies contemporary theoretical meanings of J. R. Commons's Institutional Economics, which contribute to understanding contemporary capitalism
  • Shows J. R. Commons's effort to constitute institutional economics, with important implications for today as established economics is reexamined after the global financial crisis
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eBook 101,14 €
price for Spain (gross)
  • ISBN 978-981-10-3202-8
  • Digitally watermarked, DRM-free
  • Included format: EPUB, PDF
  • ebooks can be used on all reading devices
  • Immediate eBook download after purchase
Hardcover 124,79 €
price for Spain (gross)
  • ISBN 978-981-10-3201-1
  • Free shipping for individuals worldwide
  • Usually dispatched within 3 to 5 business days.
  • The final prices may differ from the prices shown due to specifics of VAT rules
About this book

This book is the first to reinterpret John R. Commons's Institutional Economics with a newly discovered manuscript written in 1927 in order to find its contemporary meanings in economic theories. Commons aimed to establish institutional economics to understand capitalism in the USA of that time, when people’s collective actions were gaining importance with the emergence of powerful labor unions, oligopolistic corporations, and national judicial systems. Setting three types of transactions as his central concepts for analysis, Commons described dynamics of capitalism as multiple and cumulative causal processes of transactions, through which the final goal should be achievements of a "reasonable value". He also believed that the reasonable value could be achieved by the evolution of institutions.

There is no doubt that Commons's ideas proposed in Institutional Economics such as transactions and collective actions greatly inspired later economists; however, few studies have contributed to comprehensive understanding of the origin of his masterpiece. To what extent and in what sense had Commons rejected or accepted previous classical economics or marginalism for constituting his original institutional economics? What are the meanings and limitations that reasonable value may have for contemporary political economy?

Institutional Economics as attempts to resolve deep economic problems at that time. Commons's efforts create important implications for us, those who are living in an era after the global financial crisis and confronting various challenges to political economy.

About the authors

Hiroyuki Uni, Graduate School of Economics, Kyoto University 

Buy this book

eBook 101,14 €
price for Spain (gross)
  • ISBN 978-981-10-3202-8
  • Digitally watermarked, DRM-free
  • Included format: EPUB, PDF
  • ebooks can be used on all reading devices
  • Immediate eBook download after purchase
Hardcover 124,79 €
price for Spain (gross)
  • ISBN 978-981-10-3201-1
  • Free shipping for individuals worldwide
  • Usually dispatched within 3 to 5 business days.
  • The final prices may differ from the prices shown due to specifics of VAT rules
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Bibliographic Information

Bibliographic Information
Book Title
Contemporary Meanings of John R. Commons’s Institutional Economics
Book Subtitle
An Analysis Using a Newly Discovered Manuscript
Editors
  • Hiroyuki Uni
Series Title
Evolutionary Economics and Social Complexity Science
Series Volume
5
Copyright
2017
Publisher
Springer Singapore
Copyright Holder
Springer Nature Singapore Pte Ltd.
eBook ISBN
978-981-10-3202-8
DOI
10.1007/978-981-10-3202-8
Hardcover ISBN
978-981-10-3201-1
Series ISSN
2198-4204
Edition Number
1
Number of Pages
XVIII, 231
Number of Illustrations and Tables
20 b/w illustrations
Topics