| Document Type
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BL
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| Record Number
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1034981
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| Doc. No
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b789351
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| Main Entry
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Pejovich, Svetozar.
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| Title & Author
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The economics of property rights : : towards a theory of comparative systems /\ by Svetozar Pejovich.
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| Publication Statement
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Dordrecht ;Boston :: Kluwer Academic Publishers,, ©1990.
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| Series Statement
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International studies in economics and econometrics ;; volume 22
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| Page. NO
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1 online resource (xiv, 204 pages) :: illustrations
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| ISBN
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0585285578
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: 9780585285573
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0792308786
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9780792308782
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| Bibliographies/Indexes
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Includes bibliographical references and index.
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| Contents
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Front Matter; Scarcity, Institutions and Economic Behavior; The Rise of Capitalism; The Rise of Socialism; Basic Institutions of Capitalism; Exchange in a Private Property Capitalist Economy; Production in a Private Property Capitalist Economy; The Right of Ownership and the Firm; The Attenuated Right of Ownership and the Firm; The Role of Financial Markets in a Private-Property, Free-Market Economy; The History and Development of the Soviet Union Through the 1980S; Basic Institutions of the Soviet-Type Economy: State Ownership; Basic Institutions of the Soviet-Type Economy: Economic Planning.
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Part 1: Economic systems, institutions and scarcity -- Part 2: The private-property free-market economy -- Part 3: The Soviet-type economy.
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| Abstract
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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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| Subject
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Capitalism.
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Comparative economics.
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Government ownership-- Soviet Union.
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Right of property.
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BUSINESS ECONOMICS-- Real Estate-- General.
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Capitalism.
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Comparative economics.
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Economic policy.
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| Subject
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Government ownership.
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Right of property.
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Soviet Union, Economic policy.
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Yugoslavia, Economic policy.
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Soviet Union.
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Yugoslavia.
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| Dewey Classification
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333.3
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| LC Classification
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HB701.P44 1990eb
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