Calbay, Arman (2006): Property Rights and Theory of Value.
Download (108kB) | Preview
This paper analyses and develops a conception of property rights and in turn makes possible the development of a new approach to the theory of value. As a result, the theory of value takes a more general form and the labor theory of value becomes one of special cases applicable to a primitive society only. Generally all three factors of production, namely the labor force, land, and capital, can create value, but only if there are property rights to them. This necessary condition has led us logically to a principle of relativity for property rights and, accordingly, value. Moreover, it is concluded that although capitalist economics considers practically everything as a commodity, there is, however, an exception – the labor force, which is only one that cannot be sold or bought.
|Item Type:||MPRA Paper|
|Original Title:||Property Rights and Theory of Value|
|Keywords:||Property Rights, Theory of Value, Capital, Commodities|
|Subjects:||D - Microeconomics > D4 - Market Structure, Pricing, and Design > D46 - Value Theory
P - Economic Systems > P1 - Capitalist Systems > P14 - Property Rights
|Depositing User:||Arman Calbay|
|Date Deposited:||12. Oct 2010 19:18|
|Last Modified:||18. Feb 2013 19:25|
Alchian, Armen A. and Harold Demsetz (1973). "The Property Rights Paradigm". The Journal of Economic History 33(1), pp. 16-27.
Antras, Pol (2005). "Property Rights and the International Organization of Production". American Economic Review: AEA Papers and Proceedings 95(2), pp. 25-32.
Besley, Timothy (1995). "Property Rights and Investment Incentives: Theory and Evidence from Ghana". Journal of Political Economy 103(5), pp. 903–37.
Cole, Daniel H. and Peter Z. Grossman (2002). "The Meaning of Property Rights: Law versus Economics?" Land Economics 78(3), pp. 317-330.
Dan-Cohen, Meir (2001). "The Value of Ownership". Journal of Political Philosophy 9(4), pp. 404–434.
Debreu, Gerard (1959). Theory of Value: An Axiomatic Analysis of Economic Equilibrium. New Haven and London: Yale University Press.
Demsetz, Harold (1967). "Toward a Theory of Property Rights". American Economic Review 57(2), pp. 347-359.
Dincer, Oguzhan (2007). "The effects of property rights on economic performance". Applied Economics 39(7), pp. 825–837.
Dobb, Maurice H. (1973). Theories of Value and Distribution Since Adam Smith: Ideology and Economic Theory. Cambridge: Cambridge University Press.
Field, Barry C. (1989). "Evolution of Property Rights". Kyklos 42(3), pp. 319-345.
Foley, Duncan K. (2000). "Recent Developments in the Labor Theory of Value". Review of Radical Political Economics 32(1), pp. 1-39.
Friedman, Milton (1962). Capitalism and Freedom. Chicago: The University of Chicago Press.
Glaeser, Edward L., Rafael La Porta, Florencio Lopez-de-Silanes and Andrei Shleifer (2004). "Do Institutions Cause Growth?" Journal of Economic Growth 9(3), pp. 271–303.
Gonzalez, Francisco M. (2007). "Effective property rights, conflict and growth". Journal of Economic Theory 137(1), pp. 127-139.
Gradstein, Mark (2007). "Inequality, Democracy and the Protection of Property Rights". The Economic Journal 117 (January), pp. 252–269.
Grossman, Herschel I. (2001). "The Creation of Effective Property Rights". American Economic Review: AEA Papers and Proceedings 91(2), pp. 347-352.
Gwartney, James and Robert Lawson (2003). "The Concept and Measurement of Economic Freedom". European Journal of Political Economy 19(3), pp. 405–430.
Hafer, Catherine (2006). "On the Origins of Property Rights: Conflict and Production in the State of Nature". Review of Economic Studies 73(1), pp. 119–143.
Hart, Oliver and John Moore (1990). "Property Rights and the Nature of the Firm". Journal of Political Economy 98(6), pp. 1119-1158.
Johnson, Simon, John McMillan and Christopher Woodruff (2002). "Property Rights and Finance". American Economic Review 92(5), pp. 1335–1356.
Kimbrough, Erik O., Vernon L. Smith, and Bart J. Wilson (2008). "Historical Property Rights, Sociality, and the Emergence of Impersonal Exchange in Long-Distance Trade". American Economic Review 98(3), pp. 1009–39.
Lagerlöf, Nils-Petter (2009). "Slavery and Other Property Rights". Review of Economic Studies, 76(1), pp. 319–342.
Levine, Ross (2005). "Law, Endowments and Property Rights". Journal of Economic Perspectives 19(3), pp. 61–88.
Marx, Karl (1867 ). Capital: A Critique of Political Economy. Volume I, The Process of Production of Capital. New York, N.Y.: International Publishers.
Maskin, Eric and Jean Tirole (1999). "Two Remarks on the Property-Rights Literature". Review of Economic Studies 66(1), pp. 139-149.
Mohun, Simon (2004). "The Labour Theory of Value as Foundation for Empirical Investigations". Metroeconomica 55(1), pp. 65-95.
Mulligan, Robert F. (2007). "Property Rights and Time Preference". The Quarterly Journal of Austrian Economics 10(1), pp. 21–47.
Neeman, Zvika (1999). "Property Rights and Efficiency of Voluntary Bargaining under Asymmetric Information". Review of Economic Studies 66(3), pp. 679-691.
Screpanti, Ernesto (2003). "Value and Exploitation: a counterfactual approach". Review of Political Economy 15(2), pp. 155-171.
Sen, Amartya (1999). Development as Freedom. Oxford: Oxford University Press.
Smith, Adam (1776 ). The Wealth of Nations. New York, N.Y.: Random House.
Soto, Hernando de (2000). The Mystery of Capital: Why Capitalism Triumphs in the West and Fails Everywhere Else. New York: Basic Books.
Steiger, Otto (2006). "Property Economics versus New Institutional Economics: Alternative Foundations of How to Trigger Economic Development". Journal of Economic Issues 15(1), pp. 183-208.
Torstensson, Johan (1994). "Property Rights and Economic Growth: an empirical study". Kyklos 47(2), pp. 231-247.