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Showing posts from November, 2018

MacLeod and Commons

Henry Dunnings MacLeod was an important figure in the work of John R. Commons. He is cited particularly throughout chapter nine, Futurity, of the book Institutional Economics.  MacLeod was a banker, lawyer and a sort of economist who was the first to think about credit and money.  The important distinction that Macleaod was between the physical thing and the ownership of the thing.  He eliminated the problem of two meaning in economics a thing and the ownership of a thing.  He also believed that exchangeability of things that matters to economics. We will explore further the ideas of Macleod and Commons over the next few blog posts.