By Gunnar Heinsohn
This ebook provides the 1st full-length clarification in English of Heinsohn and Steiger's groundbreaking thought of cash and curiosity, which emphasizes the position performed by means of inner most estate rights.
Ownership economics provides another clarification of cash and curiosity, providing that operations enabled by way of estate bring about curiosity and cash, instead of trade of products. like all different method, it has to respond to financial theory's center query: what's the loss that needs to be compensated by way of interest?
Ownership economics accepts neither a short lived lack of items, as in neoclassical economics, nor Keynes's transitority lack of already present, exogenous funds because the reason for curiosity. fairly, funds is created as a non-physical name to estate in a credits agreement secured through a debtor's collateral and the creditor's web worth.
This publication is an edited English translation of a hugely profitable German textual content, and provides the 1st book-length therapy of a thought which has got a lot curiosity due to the fact its first visual appeal in articles within the overdue 1970s.
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Extra resources for Ownership Economics: On the Foundations of Interest, Money, Markets, Business Cycles and Economic Development
For this reason, neoclassical economics is not interested in the different stages of command and control over resources but in the establishment of markets. Indeed, neoclassical economics has turned the term 'market economy' into a worldwide trademark. The neoclassical market has no natural prices. The exchange values of goods are not determined by the value of labor (a la classical economics) but through marginal utilities, or more specifically the ratios of marginal utilities. In this way, neoclassical economics overcomes the contradiction between exchange value and use value of a commodity present in the classical theory of value.
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Ownership Economics: On the Foundations of Interest, Money, Markets, Business Cycles and Economic Development by Gunnar Heinsohn