Details

Autor(en) / Beteiligte

• Steiger, Otto

Titel

Property Economics versus New Institutional Economics: Alternative Foundations of How to Trigger Economic Development

Ist Teil von

• Journal of economic issues, 2006-03, Vol.40 (1), p.183-208

Ort / Verlag

Lincoln: Routledge

Erscheinungsjahr

2006

Quelle

EBSCOhost Business Source Ultimate

Beschreibungen/Notizen

• What are the core economic principles to be implemented for protected transactions in developing and transitional countries to trigger economic development? In recent decades, two approaches have been developed which claim to answer this question: 1. the theory of property rights, or new institutional economics, and 2. the property-based theory of the economy, or property economics, This paper presents the fundamentals of property economics. It then presents those of new institutional economics as alternative explanations of economic activity in the underdeveloped world, whereby institutional economics is analyzed from the viewpoint of the core of property economics -- the distinction between property and possession. This paper concludes that the core principles triggering economic activity are embodied in the institution of property that, both as common and private property, is created by men. To successfully implement a property reform is not a task which can be achieved by mere legislation or by programs of multilateral institutions.