Saving capitalism by making it good: the monetary economics of John R. Commons

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Chapter 6 in Reforming Capitalism for the Common Good, 2022, pp 74-92 from Edward Elgar Publishing

Abstract: This chapter examines John R. Commons's contributions to monetary economics. It explains that Commons's investigations of monetary economics were motivated by viewing business cycles as the most important of all labor problems and aiming to "save capitalism by making it good." The chapter also shows that Common's perspective anticipates the post-Keynesian endogenous approach to money and that his profit-margin theory of cycles underscores institutionalism's compatibility with John Maynard Keynes and post-Keynesianism.

Keywords: Economics and Finance; Politics and Public Policy Sustainable Development Goals (search for similar items in EconPapers)
Date: 2022
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