structs Commons lot to do with dichotomies Veblen, but where the pessimist Veblen sarcastic notice the absurdity and irreconcilable conflicts complacent Commons found the gradual emergence of the "reasonable and customary reasonable cost, which vary under the influence of the institutions themselves." Making a distinction between existing businesses aimed improving the technical efficiency of production, and existing firms engaged only financial transactions, the Commons thought possible balance the interests of industry and bizneca: "The best production company - it is, where technical factors are used most in proportion due to the efforts of managers. Best company - one where the correct shape the buying and selling by market transactions. The best of the collective institution - one where the ratio is in the right technology and business "(11) role in the monitoring and regulation of the economy is the state, especially its legislative activity, according to the Commons promotes reconciliation of the conflicting parties.elaborated on the process of long-term loan and the inclusion of investor-banker in industrial production. Bankers capitalism associated with the separation of legal control over the goods from the physical and the pursuit of titles to property. Bankers organize issue and placement of shares, corporations hire lawyers, putting pressure on the legislature and an extensive program of public relations (public relations). Powerful economic groups are more powerful than Congress. "That association, not individualism became a haven of modern liberalism and democracy to be saved from communism, fascism or banker's capitalism." Commons showed and his confidence that a reasonable value achievable collective actions of capitalists and workers. In the "business" of trade unionism, where workers collectively defend their property rights in the practical issues of wages and working hours, in collective bargaining, he saw the most important way to maintain social equilibrium. This confidence expressed in his Commons avtobiografii21, published a year before the adoption of the Employment Relations Act - one of the most important events veltovskogo Ruz, the New Deal, to secure for the workers the right to collective bargaining
.3 Empirical (opportunistic and statistical) area
economy veblen american investor
One of the prominent representatives of institutionalism in the US was Mitchell. Student of Veblen Wesley Clair Mitchell (1874-1948) studied at the University of Chicago, he trained at the Vienna (lectures Menger did not impress), and from 1913 until his death he worked in New York at Columbia University. Mitchell believed correct model of rational criticism of Veblen hedonist, and continued in a series of articles. He believed that the political economy is an economic behavior of people, obeying certain psychological motivations. But along...
