Description
Book SynopsisTakahashi reconstructs the key blocks of one of the founders of the institutional school, John R. Commonsâ theories of the evolution of capitalism and of institutional change by taking the concept of transaction as a central point of departure.
Commonsâ theories continue to influence modern economics, and in this book, Takahashi scrutinizes his construction of transaction and its features and offers a reinterpretation of Commonsâ institutional economics and transaction economics. He then explores how Commonsâ analysis of going concerns (e.g., firms) has broader and deeper applications that extend to monetary policy, labor policy, and the business cycle. Takahashi examines how Commonsâ and Veblenâs dynamic theories share cumulative causation. He closes by positing that Commonsâ transaction economics seeks âœreasonable capitalismâ through a virtuous cycle of reasonable value and generation of good business ethics.
This book will be attractive to researchers of institutiona
