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Property Rights, Consumption and the Market Process

New Horizons in Institutional and Evolutionary Economics series
David Emanuel Andersson, Nottingham University Business School, China
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.
Extent: 192 pp
Hardback Price: £77.00 Online: £69.30
Publication Date: 2008
ISBN: 978 1 84720 955 9
Availability: In Stock
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  • Economics and Finance
  • Evolutionary Economics
  • Institutional Economics
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
Contents: Preface 1. Attributes, Entrepreneurship and Institutions 2. Attributes and the Theory of Economic Property Rights 3. Property Rights, Institutions and Co-ordination Costs 4. Production Attributes and the Capital Structure 5. Entrepreneurship, Attributes and Judgement 6. Individual Choice and Consumption Attributes 7. Institutions and the Demand for Consumption Attributes References Index