The Role of Values in Economic Theory and Policy: A Comparison of Frank Knight and John R. Commons

David Schweikhardt and John R. Sellers

Journal of Economic Issues, 1988, vol. 22, issue 2, 407-414

Abstract: This article examines the similarities and differences between the writings of John R. Commons and Frank Knight. In particular, it examines their views on the role of institutions in economics, the role of values in economic theory and policy, the constraining and ubiquitous nature of social values, and the compatibility of their thought in addressing values in economic theory and policy. It must be noted at the outset that the emphasis here is not on the policy prescriptions promoted by either man; it examines, instead, their views on the role of values in the political economy and the nature of the economic policy problems that every society must address, regardless of the solutions chosen to address such problems.

Date: 1988
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DOI: 10.1080/00213624.1988.11504770

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