“An institution is defined as collective action in control, liberation and expansion of individual action. Its forms are unorganized custom and organized going concerns. The individual action is participation in bargaining, managing and rationing”

— John R. Commons

Source: "Institutional Economics," 1931, p. 648

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John R. Commons 26

United States institutional economist and labor historian 1862–1945

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John R. Commons (1862–1945) United States institutional economist and labor historian

Source: "Institutional Economics," 1931, p. 648

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“An institution is defined as collective action in control, liberation and expansion of individual action. Its forms are unorganized custom and organized going concerns. The individual action is participation in bargaining, managing and rationing”

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