Institutional Economics

<p>Commons opened Institutional Economics by declaring: <em>My point of view is based on my participation in collective activities from which I here derive a theory of the part played by collective action in control of individual action.</em> This sentence well summarizes the three key elements of this book--its theoretical intent the importance Commons gave to his own experience in institutional reform in shaping these ideas and the focus on the concept of the institution as a collective constraint on individual action.</p>