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- Title
Institutional Transaction Analysis.
- Authors
McClintock, Brent
- Abstract
Institutionalist transaction analysis concentrates on the role of transactions in the integration of social and economic relations. The primary purpose of this article is to present the transaction analysis of two institutionalists, John R. Commons and Karl Polanyi, in order to clarify the importance of the transaction within the theory of institutional economics. A secondary purpose is to demonstrate the appropriateness of incorporating Polanyi's work within the American institutionalist tradition. The purpose of Commons's economics is to investigate "the transactions of human beings in producing, acquiring, and rationing wealth by cooperation, conflict, and the rules of the game." Central to this formulation is the concept of collective action, which finds its expression in the institution or going concern, defined as "collective action in control, liberation, and expansion of individual action." Commons adopts the transaction as the basic unit of analysis because it is the simplest scale on which the effects of collective action on a social relationship can be analyzed.
- Subjects
INSTITUTIONAL economics; COMMONS, John R. (John Rogers), 1862-1945; POLANYI, Karl, 1886-1964; SOCIOECONOMICS; CONTINUITY of interest; ECONOMISTS
- Publication
Journal of Economic Issues (Association for Evolutionary Economics), 1987, Vol 21, Issue 2, p673
- ISSN
0021-3624
- Publication type
Article
- DOI
10.1080/00213624.1987.11504659