John R. Commons

John R. Commons was an American economist and a key figure in institutional economics during the early 20th century. He focused on how social institutions—like laws, customs, and organizations—shape economic behavior and outcomes. Commons believed that understanding economics required analyzing these institutions and their impact on economic activities. He also contributed to labor economics and advocated for workers' rights, emphasizing the importance of collective bargaining. His work laid the foundation for later discussions on the role of government and institutions in shaping economic policies and outcomes.