Legally, the term liberty means absence of duty, or rather the limit of duty. - John R. Commons

The aim of this volume is to work out an evolutionary and behavioristic, or rather volitional, theory of value. It was commenced thirty-five years ago at Johns Hopkins University under my stimulating teacher, Richard T. Ely.

The concept of property itself had come up out of the common law and carried with it the idea of a natural, or common-law rights of liberty to acquire, use and dispose of physical things.

Since institutional economics is behavioristic, and the behavior in question is none other than the behavior of individuals while participating in transactions, institutional economics must make an analysis of the economic behavior of individuals.