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A Study of the System of Capital from the Property Rights System and Its Evolution

In: Developing Property Rights Theory

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  • Shaoan Huang

    (Shandong University)

Abstract

In addition to the definition of some basic concepts, the core content of the study of property rights in economics, which is also its theoretical essence, is nothing but two aspects: first, property rights arrangements and resource allocation efficiency, specifically, property rights and economic growth at the macro level and property rights arrangements and social welfare (welfare maximization or loss minimization) at the micro level; next, the search for a basis for income distribution and a source of legitimacy. These two aspects also study property rights in terms of efficiency and justice (righteousness). Therefore, another desire is to find a property rights system to achieve justice and efficiency. Marx wanted to find just the property rights system that unified the two aspects by revealing the relationship between the private property rights system and justice and economic growth and operation in the capitalist society of his day. Consequently, whether he found it and whether what he found was feasible is another question. A study of property rights divorced from these two meanings is meaningless, at least not in economics.

Suggested Citation

  • Shaoan Huang, 2023. "A Study of the System of Capital from the Property Rights System and Its Evolution," Springer Books, in: Developing Property Rights Theory, chapter 0, pages 19-47, Springer.
    • Handle: RePEc:spr:sprchp:978-981-99-0883-7_2
    DOI: 10.1007/978-981-99-0883-7_2
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