Key Ideas

1. John R. Commons was a prominent figure in institutional economics. He believed that economics should focus on how institutions, such as laws, customs, and norms, shape economic behavior and outcomes. He emphasized the importance of studying institutions to understand economic systems.
2. Commons argued that institutions are not static but evolve over time through a process of social change. He believed that analyzing this process of institutional change is crucial for understanding economic development and progress.
3. Commons developed the concept of transaction costs, which refers to the ....
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Quiz