IDEAS home Printed from https://ideas.repec.org/a/taf/revpoe/v11y1999i2p151-170.html
   My bibliography  Save this article

Property Rights, Markets and Economic Theory: Keynes versus Neoclassicism - again

Author

Listed:
  • John Henry

Abstract

This essay has two main objectives. Initially, I specify the relationship between neoclassical theory and the property rights regime on which that theory rests. In this portion of the argument I show that the property rights consistent with neoclassical theory are inconsistent with those of a monetary (or capitalist) economy-the economy the theory purports to explain. Further, I specify several contradictions in the theory itself when it attempts to examine rational resource allocation, money and the labor market. Secondly, I show that Keynes's General Theory rests on a fundamentally different foundation than that of neoclassicism. His views on money, the labor market, equilibrium, etc. are in radical opposition to those of orthodoxy. In addition, his theory does not share the same position on property rights. Because of these considerations, Keynes cannot be understood by those economists holding the neoclassical perspective.

Suggested Citation

  • John Henry, 1999. "Property Rights, Markets and Economic Theory: Keynes versus Neoclassicism - again," Review of Political Economy, Taylor & Francis Journals, vol. 11(2), pages 151-170.
    • Handle: RePEc:taf:revpoe:v:11:y:1999:i:2:p:151-170
    DOI: 10.1080/095382599107093
    as

    Download full text from publisher

    File URL: http://www.tandfonline.com/doi/abs/10.1080/095382599107093
    Download Restriction: Access to full text is restricted to subscribers.
    File URL: https://libkey.io/10.1080/095382599107093?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    As the access to this document is restricted, you may want to search for a different version of it.

    References listed on IDEAS

    as
    1. Libecap, Gary D., 1986. "Property rights in economic history: Implications for research," Explorations in Economic History, Elsevier, vol. 23(3), pages 227-252, July.
    2. James K. Galbraith, 1997. "Time to Ditch the NAIRU," Journal of Economic Perspectives, American Economic Association, vol. 11(1), pages 93-108, Winter.
    3. J. A. Kregel, 1994. "The Viability of Economic Policy and the Priorities of Economic Policy," Journal of Post Keynesian Economics, Taylor & Francis Journals, vol. 17(2), pages 261-277, December.
    4. James M. Buchanan, 1993. "Property as a Guarantor of Liberty," Chapters, in: Charles K. Rowley (ed.), Property Rights and the Limits of Democracy, chapter 1, pages i-64, Edward Elgar Publishing.
    5. Davidson, Paul, 1972. "Money and the Real World," Economic Journal, Royal Economic Society, vol. 82(325), pages 101-115, March.
    6. O. F. Hamouda & John Smithin (ed.), 1988. "Keynes and Public Policy after Fifty Years," Books, Edward Elgar Publishing, number 715.
    7. Alchian, Armen A. & Demsetz, Harold, 1973. "The Property Right Paradigm," The Journal of Economic History, Cambridge University Press, vol. 33(1), pages 16-27, March.
    8. Harold Demsetz, 1981. "Professor Michelman's Unnecessary and Futile Search for the Philosopher's Touchstone," UCLA Economics Working Papers 194, UCLA Department of Economics.
    9. Omar F. Hamouda & John Smithin (ed.), 1988. "Keynes and Public Policy After Fifty Years," Books, Edward Elgar Publishing, number 202.
    10. Furubotn, Eirik G & Pejovich, Svetozar, 1972. "Property Rights and Economic Theory: A Survey of Recent Literature," Journal of Economic Literature, American Economic Association, vol. 10(4), pages 1137-1162, December.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Jongwook Kim & Joseph T. Mahoney, 2002. "Resource-based and property rights perspectives on value creation: the case of oil field unitization," Managerial and Decision Economics, John Wiley & Sons, Ltd., vol. 23(4-5), pages 225-245.
    2. Kim, Jongwook & Mahoney, Joseph T., 2008. "A Strategic Theory of the Firm as a Nexus of Incomplete Contracts: A Property Rights Approach," Working Papers 08-0108, University of Illinois at Urbana-Champaign, College of Business.
    3. Ceyhun Haydaroglu, 2015. "The Relationship between Property Rights and Economic Growth: an Analysis of OECD and EU Countries," DANUBE: Law and Economics Review, European Association Comenius - EACO, issue 4, pages 217-239, December.
    4. Malcolm Dunn, 2000. "Privatization, Land Reform, and Property Rights: the Mexican Experience," Constitutional Political Economy, Springer, vol. 11(3), pages 215-230, September.
    5. Ryan M. Yonk & Sierra Hoffer & Devin Stein, 2017. "Disincentives To Business Development On The Navajo Nation," Journal of Developmental Entrepreneurship (JDE), World Scientific Publishing Co. Pte. Ltd., vol. 22(02), pages 1-18, June.
    6. Gabriel Hoh Teck Ling & Pau Chung Leng & Chin Siong Ho, 2019. "Effects of Diverse Property Rights on Rural Neighbourhood Public Open Space (POS) Governance: Evidence from Sabah, Malaysia," Economies, MDPI, vol. 7(2), pages 1-33, June.
    7. Nguyen, Trung Thanh & Bauer, Siegfried & Uibrig, Holm, 2010. "Land privatization and afforestation incentive of rural farms in the Northern Uplands of Vietnam," Forest Policy and Economics, Elsevier, vol. 12(7), pages 518-526, September.
    8. Ingmar Geiger & Manuel Kluckert & Michael Kleinaltenkamp, 2017. "Customer acceptance of tradable service contracts," Journal of Business Economics, Springer, vol. 87(2), pages 155-183, February.
    9. Munshifwa, Ephraim Kabunda, 2023. "Institutional analysis and informal urban settlements: A proposition for a new institutionalist grounded property rights perspective," Land Use Policy, Elsevier, vol. 134(C).
    10. Wandel, Jürgen, 2011. "Integrierte Strukturen im Agrar- und Ernährungssektor Russlands: Entstehungsgründe, Funktionsweise, Entwicklungsperspektiven und volkswirtschaftliche Auswirkungen. Band I und II," Studies on the Agricultural and Food Sector in Transition Economies, Leibniz Institute of Agricultural Development in Transition Economies (IAMO), volume 63, number 63.
    11. Elzas, B.D., 1998. "'The Nature of the Firm' after sixty years," Serie Research Memoranda 0032, VU University Amsterdam, Faculty of Economics, Business Administration and Econometrics.
    12. Pietri, Antoine, 2015. "« Propriété » ou « possession » : une question de sémantique…ou de paradigme ? [“Property” or “possession”: just a matter of semantics…or paradigm?]," MPRA Paper 67096, University Library of Munich, Germany.
    13. Elke Muchlinski, 2005. "The Lucas Critique and Keynes Response.Considering the History of Macroeconomics," Macroeconomics 0503019, University Library of Munich, Germany.
    14. Gwendoline Promsopha, 2018. "Risk†Coping, Land Tenure And Land Markets: An Overview Of The Literature," Journal of Economic Surveys, Wiley Blackwell, vol. 32(1), pages 176-193, February.
    15. Kim, Jongwook & Mahoney, Joseph T., 2005. "Appropriating Economic Rents from Resources: An Integrative Property Rights and Resource-Based Approach," Working Papers 05-0123, University of Illinois at Urbana-Champaign, College of Business.
    16. Jorge Pinilla & Joaquim Vergés, 2007. "Efectos De La Privatización En La Eficiencia De Iberia Líneas Aéreas De España S.A," Revista Economía y Administración, Facultad de Ciencias Económicas y Administrativas, Universidad de Concepción, vol. 69, pages 7-38, December.
    17. Lall Ramrattan & Michael Szenberg, 2012. "The impact of The General Theory on Economic Theory and the Development of Public Policies: A Nested Vision of Keynes’s Ideas with the Classical Vision through a Panoramic View of his Works," Chapters, in: Thomas Cate (ed.), Keynes’s General Theory, chapter 8, Edward Elgar Publishing.
    18. John Smithin, 2013. "Credit creation, the monetary circuit and the formal validity of money," Chapters, in: Louis-Philippe Rochon & Mario Seccareccia (ed.), Monetary Economies of Production, chapter 5, pages 41-53, Edward Elgar Publishing.
    19. Garrone Giovanna & Marchionatti Roberto, 2007. "Keynes, statistics and econometrics," CESMEP Working Papers 200703, University of Turin.
    20. Dolejší, David, 2018. "Coproduction of property rights: The management of watercourses in pre-modern Bohemia," International Review of Law and Economics, Elsevier, vol. 53(C), pages 50-59.

    More about this item

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:taf:revpoe:v:11:y:1999:i:2:p:151-170. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Chris Longhurst (email available below). General contact details of provider: http://www.tandfonline.com/CRPE20 .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.