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Journal of economic issues, 1999-09, Vol.33 (3), p.609-624
Ort / Verlag
Sacramento, Calif: Routledge
Erscheinungsjahr
1999
Link zum Volltext
Quelle
EBSCOhost Business Source Ultimate
Beschreibungen/Notizen
The standard argument that John Locke provided a theoretical foundation to the eventual development of neoclassical economics, particularly with regard to the relation among property rights, economic behavior, and theory, is evaluated. This paper attempts to: 1. specify the neoclassical argument on the formation of property rights, 2. analyze Locke's actual position on this issue, and 3. juxtapose Locke's position to the neoclassical argument, demonstrating the significance of the differences between Locke and the neoclassical position on Locke. Three issues will be emphasized: 1. embeddedness, 2. the significance of the waste (or unappropriated land, excluding the commons) and its relation to exit from markets, and the property rights that are consistent with Locke's general scheme.