In this challenging book, the authors demonstrate that economists tend to misunderstand capital. Frank Knight was an exception, as he argued that because all resources are more or less durable and have uncertain future uses they can consequently be classed as capital. Thus, capital rather than labor is the real source of creativity, innovation, and accumulation. But capital is also a phenomenon in time and in space. Offering a new and path-breaking theory, they show how durable capital with large spatial domains — infrastructural capital such as institutions, public knowledge, and networks — can help explain the long-term development of cities and nations.
This book studies the ongoing transition from an industrial to a creative (or post-industrial) society and how the creative society depends on a ‘soft infrastructure’ of individualist values and institutions. It explains this by looking first at the key actors in the creative society: creative individuals and entrepreneurial individuals, using insights from social and cognitive psychology and the economic theory of entrepreneurship. It shows how individual creativity and entrepreneurship are supported by both cultural individualism, based on the work of political scientists Ronald Inglehart and Christian Welzel, as well as political individualism, the principles of a democratic market economy guided by classical liberalism. The book offers a number of policy implications that result from the connection of this multidisciplinary reconceptualization of individualism to economic creativity. It discusses a system of property rights that accommodates the creation of new property, ranging from the result of what we normally think of as product innovation to larger-scale innovations embodied in the formation of new lifestyle communities. It also considers examples such as universities that are more open to experimentation and more autonomous from government regulation, and a more liberal immigration policy that may result from the positive association between population diversity and creativity. This book is intended to support further interdisciplinary and multidisciplinary research on the creative society (also known as post-industrialism, the postmodern society or the knowledge-based society). It will be of interest to academics and postgraduate students working in political economy, entrepreneurship, institutional economics, Austrian economics, and public policy.
In this book David Emanuel Andersson undertakes the difficult task of reconciling institutional theories of property rights, transaction costs and norms, with Austrian economics, Lancaster s consumer theory, regional economics and evolutionary economics. The result is a success, the connections outlined make sense and convincing illustrative cases are offered. The book should be read by everyone interested in how the challenges to neoclassical equilibrium theory that have emerged since the 1960s are related. Per-Olof Bjuggren, Jönköping University, Sweden Property Rights, Consumption and the Market Process extends property rights theory in new and exciting directions by combining complementary insights from Austrian, institutional and evolutionary economics. Mainstream economics tends to analyse property rights within a static equilibrium framework. In this book David Andersson reformulates property rights theory as an evolutionary theory of the market process. This original work includes many valuable insights and new analysis such as: combining Yoram Barzel s theory of property rights, Ludwig Lachmann s theory of capital, the resource-based view of the firm and the entrepreneurship theories of Frank Knight, Joseph Schumpeter and Israel Kirzner applying Ronald Inglehart s theory of value change to discontinuities in how imitative behaviour influences consumer choice a new distributional perspective on the Hayekian knowledge problem a model of consumer choice that combines lexicographic characteristics and learning processes a methodological approach that considers the perceived causal and evidential utilities of a theory original empirical material (hedonic price functions and case studies) and new areas of application for important computer simulation results. David Andersson s book will be warmly welcomed by heterodox economists and new institutional economists, as well as economists of entrepreneurship studies, regional development and urban planning.
In this book David Emanuel Andersson undertakes the difficult task of reconciling institutional theories of property rights, transaction costs and norms, with Austrian economics, Lancaster s consumer theory, regional economics and evolutionary economics. The result is a success, the connections outlined make sense and convincing illustrative cases are offered. The book should be read by everyone interested in how the challenges to neoclassical equilibrium theory that have emerged since the 1960s are related. Per-Olof Bjuggren, Jönköping University, Sweden Property Rights, Consumption and the Market Process extends property rights theory in new and exciting directions by combining complementary insights from Austrian, institutional and evolutionary economics. Mainstream economics tends to analyse property rights within a static equilibrium framework. In this book David Andersson reformulates property rights theory as an evolutionary theory of the market process. This original work includes many valuable insights and new analysis such as: combining Yoram Barzel s theory of property rights, Ludwig Lachmann s theory of capital, the resource-based view of the firm and the entrepreneurship theories of Frank Knight, Joseph Schumpeter and Israel Kirzner applying Ronald Inglehart s theory of value change to discontinuities in how imitative behaviour influences consumer choice a new distributional perspective on the Hayekian knowledge problem a model of consumer choice that combines lexicographic characteristics and learning processes a methodological approach that considers the perceived causal and evidential utilities of a theory original empirical material (hedonic price functions and case studies) and new areas of application for important computer simulation results. David Andersson s book will be warmly welcomed by heterodox economists and new institutional economists, as well as economists of entrepreneurship studies, regional development and urban planning.
In this challenging book, the authors demonstrate that economists tend to misunderstand capital. Frank Knight was an exception, as he argued that because all resources are more or less durable and have uncertain future uses they can consequently be classed as capital. Thus, capital rather than labor is the real source of creativity, innovation, and accumulation. But capital is also a phenomenon in time and in space. Offering a new and path-breaking theory, they show how durable capital with large spatial domains — infrastructural capital such as institutions, public knowledge, and networks — can help explain the long-term development of cities and nations.
This will help us customize your experience to showcase the most relevant content to your age group
Please select from below
Login
Not registered?
Sign up
Already registered?
Success – Your message will goes here
We'd love to hear from you!
Thank you for visiting our website. Would you like to provide feedback on how we could improve your experience?
This site does not use any third party cookies with one exception — it uses cookies from Google to deliver its services and to analyze traffic.Learn More.