John R. Commons’s Criticism of Classical Economics

Uni Hiroyuki

Journal of Economic Issues, 2018, vol. 52, issue 2, 396-404

Abstract: John R. Commons criticized three limitations of the classical theory of value – (i) the elimination of scarcity, (ii) ownership, and (iii) money – and attempted to construct new concepts and theories to overcome these limitations. My purpose in this article is to reveal Commons’s theoretical progress by analyzing a recently discovered manuscript written in 1927 and titled “Reasonable Value: A Theory of Volitional Economics.” Specifically, I compare this manuscript with several other published works by Commons.

Date: 2018
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DOI: 10.1080/00213624.2018.1469886

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