Original Institutional Economics: A Review of Commons’ Thoughts and his Transactional Approach (in Persian)

Mahmoud Mashhadiahmad () and Mahmoud Motevaseli ()
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Mahmoud Mashhadiahmad: Ph.D. in Economics, University of Tehran
Mahmoud Motevaseli: Professor in Economics University of Tehran

The Journal of Planning and Budgeting (٠صلنامه برنامه ریزی و بودجه), 2011, vol. 16, issue 1, 3-25

Abstract: About a hundred years ago, Walton Hamilton, in a historical event tried to introduce an alternative approach to economics, known as institutional economics. He intended to show that the institutional economics is an extensive and comprehensive scientific paradigm that could unite the whole economics. In fact, this school of thought well succeeded to rule over the prestigious universities of the world for some decades with the help of its founders and explainers. Commons, one of the founders of the institutional economics, trained great economists and his institutional ideas ruled over Wisconsin University, one of the most prestigious universities of the time. This paper tries to answer such questions as follows: What was Commons’ analytical approach to economic issues and problems? What were the differences of his institutional perspective in conducting economic analyses? Essentially, what shortcomings did Commons besides Veblen and Mitchell assume in the mainstream economics that tried to found the institutional economics? What differences did Commons create in economic analyses and what did he emphasize on? Specifically speaking, what transformations did his emphasis on the concept of transaction bring about in the principles of economics? Having a specific and different viewpoint, this paper uses a textual analysis for such subjects in a try to show that Commons with his unique vision toward the concept of ‘institution’ could change the unit of economic analysis and was successful in introducing a novel approach to this field of study, which might be referred to as ‘transactional approach’.

Keywords: Institutionalism; Institution; Transaction; Collective Action; Going Concerns; Commons (search for similar items in EconPapers)
Date: 2011
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