The Economics of Property Rights: Towards a Theory of Comparative Systems
To understand recent developments in Eastern Europe requires a method of analysis that is capable of internalizing into a theoretical framework (i) the logical premises deduced from the costs of transactions and incentive structures generated by various institutions and (ii) the evidence for refutable implications of those premises. The economics of property rights is such a theory. It expands the scope of the ability of economic analysis to explain a wide range of institutional structures and provides empirical corroboration of its logical implications. The economics of property rights is, then, an effective scholarly instrument that offers more significant understanding of the three current issues in the area of comparative economic studies: (i) evaluating the performance of alternative institutional arrangements, (ii) explaining the failure of socialist institutions in Eastern Europe, and (iii) identifying the costs (political as well as economic) of institutional reforms in that part of the world. In that sense, the book is both timely and relevant. In the late 1980s East Europeans crossed the threshold of fear and forced their leaders to abandon Marxism. With that theory of history dead and buried, the cost of current sacrifices in the pursuit of socialism has risen relative to the present value of its expected future benefits.
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Contents
Suggested Readings
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6 |
THE RISE OF SOCIALISM
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15 |
PART
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20 |
The Law of Contract
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30 |
The Purpose of Exchange
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36 |
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43 |
THE RIGHT OF OWNERSHIP AND THE FIRM
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53 |
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64 |
Suggested Readings
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103 |
Suggested Readings
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114 |
THE BEHAVIOR OF THE SOVIETTYPE FIRM
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121 |
PERFORMANCE OF THE SOVIETTYPE 129
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128 |
The Quantitative Performance of the Soviet Economy
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137 |
Suggested Readings
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148 |
BASIC INSTITUTIONS OF THE LABORMANAGED 175
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174 |
THE BEHAVIOR OF THE LABORMANAGED
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181 |
Suggested Readings
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71 |
The Growth of Wealth
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79 |
10
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85 |
BASIC INSTITUTIONS OF THE SOVIETTYPE 97
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96 |
The Role of Bank Credit
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187 |
Suggested Readings
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197 |
Other editions - View all
The Economics of Property Rights: Towards a Theory of Comparative Systems S. Pejovich Limited preview - 2007 |
The Economics of Property Rights: Towards a Theory of Comparative Systems S. Pejovich No preview available - 2014 |
The Economics of Property Rights: Towards a Theory of Comparative Systems S. Pejovich No preview available - 2013 |
Common terms and phrases
allocation of resources alternative bank basic behavior benefits budget bundle bundle of rights bureaucracy business firms capital capitalist chapter codetermination consumer consumption contractual freedom corporatized costs of transactions create decisions economic analysis economic plan economic system effect efficient employees enterprises exchange opportunities financial markets firm's earnings flow glasnost Hungary implementation important incentives income increase individual industry innovation inputs investment labor labor-managed economy labor-managed firm major manager's Marx Marxism monopoly nomenklatura nonpecuniary opportunity costs organizations owner Party Pejovich percent perestroika Politburo political prevailing property rights private-property production function profit rate of interest reduce right of ownership risk Russia sell shareholders social contract social opportunity set socialists SOE's Soviet manager Soviet Union Soviet-type economy spot price Stalin structure Suggested Readings supply trade transaction costs true production function VCRs wage fund wealth wheat workers Yugoslav Yugoslavia