Going Concerns, Futurity and Reasonable Value

Glen Atkinson

Journal of Economic Issues, 2009, vol. 43, issue 2, 433-440

Abstract: A sketch of three major features of the theoretical framework developed by John R. Commons is presented in this article. Commons begins with collective action captured in dynamic going concerns rather than individual choice. Individuals operating in going concerns have power to attempt to shape institutional reform. These actions are driven by expectations or futurity. Since different going concerns compete to influence institutional reform, conflict rather than harmony is the essential nature of economic inquiry. Rationing transactions guided by due process are necessary to create order based on mutuality. This is the search for reasonable value.

Date: 2009
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DOI: 10.2753/JEI0021-3624430216

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