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The Property Fallacy in Capital Theory and Corporate Finance Theory

In: Putting Jurisprudence Back Into Economics

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  • David Ellerman

    (University of Ljubljana)

Abstract

The Fundamental Myth, that the rights to the (whole) product of production (and the management rights) in a productive opportunity are part and parcel of the ownership of capital (the “means of production”) was introduced and explained in Chap. 1 . In this chapter, it is shown how the Fundamental Myth is baked into the simple formulas for the valuation of capital assets used actively (i.e., by hiring in a complementary set of inputs and then selling the produced outputs) as well as into the sophisticated formulas of Miller and Modigliani in corporate finance theory.

Suggested Citation

  • David Ellerman, 2021. "The Property Fallacy in Capital Theory and Corporate Finance Theory," Springer Books, in: Putting Jurisprudence Back Into Economics, chapter 0, pages 63-76, Springer.
    • Handle: RePEc:spr:sprchp:978-3-030-76096-0_3
    DOI: 10.1007/978-3-030-76096-0_3
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