Intellectual Property and Institutional Efficiency: The Limits of the Demsetz...
Harold Demsetz (1967) in his classic paper “Toward a Theory of Property Rights” makes the case that property rights arise endogenously when the cost of the commons problem begins to exceed the cost of...
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Money and its Institutional Substitutes: The Role of Exchange Institutions in...
Monetary theory has been concerned at least since Menger (1892) with the question, just what feature of the world makes money necessary? The answer depends crucially on what we take to be the relevant...
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Bubbles and Broad Monetary Aggregates: Toward a Consensus Approach to...
The literature on business cycles is characterized by a number of broad approaches, each of which emphasizes its own set of stylized facts to explain. Hetzel (2009) distinguishes between “quantity...
View ArticleReview: The Representational Theory of Capital
The Representational Theory of Capital summarizes itself in its final sentence as “a call for the return of the old fiscal religion.” More than that, though, it is a return to the old-time Classical...
View ArticleUnmixing the Metaphors of Austrian Capital Theory
The distinctiveness of Austrian capital theory (ACT) against competing theories of capital lies in (1) its process approach over time as opposed to a comparative statics approach, (2) its emphasis on...
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