By Gunnar Heinsohn
This publication provides the 1st full-length clarification in English of Heinsohn and Steiger's groundbreaking conception of cash and curiosity, which emphasizes the position performed via deepest estate rights.
Ownership economics provides another rationalization of cash and curiosity, featuring that operations enabled by means of estate result in curiosity and cash, instead of alternate of products. like several different technique, it has to reply to monetary theory's middle query: what's the loss that should be compensated by way of interest?
Ownership economics accepts neither a brief lack of items, as in neoclassical economics, nor Keynes's transitority lack of already present, exogenous funds because the explanation for curiosity. fairly, cash is created as a non-physical identify to estate in a credits agreement secured by way of a debtor's collateral and the creditor's internet worth.
This ebook is an edited English translation of a hugely winning German textual content, and provides the 1st book-length therapy of a thought which has acquired a lot curiosity considering its first visual appeal in articles within the overdue 1970s.
Read Online or Download Ownership Economics: On the Foundations of Interest, Money, Markets, Business Cycles and Economic Development PDF
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Additional resources for Ownership Economics: On the Foundations of Interest, Money, Markets, Business Cycles and Economic Development
The de jure possessor does not need to be the same person as the owner. Rights of possession determine by whom, when, where, how and to what degree commodities and assets can be used physically. The de jure possessor generally cannot, for example, sell or hypothecate the property. Nor can he transfer the property to fulfill claims arising from debt recovery actions. These abstract, legal and non-physical powers are generally reserved for the owner. In contrast, the rights arising from the ownership of (or title to) property provide the powers that form the basis of economic activity: (1) the burdening of property to back the creation of money in loan contracts against interest; (2) the hypothecation of property to obtain money as capital; (3) the transfer of title through sale or the transfer of possession through rental/lease agreements; and (4) the enforcement of contracts and rights against specific assets.
What he regards as property at a more advanced stage is merely transformed from 'common property' to individual or 'private property*. For Smith, profit and rent of land are the specific characteristics of private property and emerge as new sources of income along with wages, the latter assumed as a reproduction wage that has always existed: As soon as stock has accumulated in the hands of particular persons, some of them will naturally employ it in setting to work industrious people, whom they will supply with materials and subsistence, in order to make a profit by the sale of their work.
Neoclassical economics cannot, therefore, explain prices based on the ratio of marginal utilities, but has to assume that individuals adjust their relative marginal utilities in this optimization process based on predetermined relative prices (Heinsohn and Steiger 1996, 49; Stadermann and Steiger 2001b, 221-251). Neoclassical money, like classical money, is again a special good. In contrast to early classical economics, money is no longer equated with a precious metal, a produced good, but instead is an intrinsically valueless substance that remains outside the economic process (outside money).