John Commons

John Commons was an American economist and labor historian known for his influential work in institutional economics. He emphasized the importance of social institutions, such as labor unions and government policies, in shaping economic behavior and outcomes. Commons believed that economics should consider social factors and collective actions, not just individual decisions. His key contributions include the development of theories on collective bargaining and the role of institutions in economic life. His ideas paved the way for new approaches to understanding the economy, focusing on how institutions affect labor and economic relations in society.