"The difficulty in defining a field for the so-called institutional economics is the uncertainty of meaning of an institution. Sometimes an institution seems to mean a framework of laws or natural rights within which individuals act like inmates. Sometimes it seems to mean the behavior of the inmates themselves. Sometimes anything additional to or critical of the classical or hedonic economics is deemed to be institutional. Sometimes anything that is "economic behavior" is institutional. Sometimes anything that is "dynamic" instead of "static," or a "process" instead of commodities, or activity instead of feelings, or mass action instead of individual action, or management instead of equilibrium, or control instead of laissez faire, seems to be institutional economics."
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Academics from the United StatesNon-fiction authors from the United StatesPeople from OhioHistorians from the United StatesEconomists from the United States
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https://en.wikiquote.org/wiki/John_R._Commons
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John R. Commons
John Rogers Commons (October 13, 1862 – May 11, 1945) was an American institutional economist, progressive and labor historian at the University of Wisconsin–Madison.
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