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

Otto Steiger

71 citations0/0 files storedJournal of Economic Issues

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Economic Theory and Institutions Law, Economics, and Judicial Systems Culture, Economy, and Development Studies

Abstract

'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: (i) the theory of property rights, or new institutional economics, originating from Armen Alchian (1977) and Harold Demsetz (1967; see also Alchian and Demsetz 1973) and developed by Nobel laureate Douglass C. North (1973, with Robert P. Thomas; see also North 1981 and 1990)1 and (ii) the property-based theory of the economy, or property

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1990Institutions, Institutional Change and Economic Performance 1991Institutions, Institutional Change and Economic Performance 1937The Nature of the Firm 1960The Problem of Social Cost 1936The General Theory of Employment, Interest and Money.1981Credit Rationing in Markets with Imperfect Information 1936The General Theory of Employment, Interest and Money.1934The Theory of Economic Development: An Inquiry into Profits, Capital, Credit, Interest, and the Business Cycle

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