Institutional Economics

<p>Commons opened Institutional Economics by declarin <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>