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Property Rights and Theory of Value

  • Calbay, Arman

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.

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File URL: http://mpra.ub.uni-muenchen.de/25827/1/MPRA_paper_25827.pdf
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Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 25827.

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Date of creation: 03 Sep 2006
Date of revision: 31 Jul 2009
Handle: RePEc:pra:mprapa:25827
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  1. Ernesto Screpanti, 2003. "Value and Exploitation: A counterfactual approach," Review of Political Economy, Taylor & Francis Journals, vol. 15(2), pages 155-171.
  2. Maskin, Eric & Tirole, Jean, 1999. "Two Remarks on the Property-Rights Literature," Review of Economic Studies, Wiley Blackwell, vol. 66(1), pages 139-49, January.
  3. Catherine Hafer, 2006. "On the Origins of Property Rights: Conflict and Productionin the State of Nature," Review of Economic Studies, Oxford University Press, vol. 73(1), pages 119-143.
  4. Herschel Grossman, 2000. "The Creation of Effective Property Rights," Working Papers 2000-15, Brown University, Department of Economics.
  5. Hart, Oliver & Moore, John, 1990. "Property Rights and the Nature of the Firm," Journal of Political Economy, University of Chicago Press, vol. 98(6), pages 1119-58, December.
  6. Edward L. Glaeser & Rafael La Porta & Florencio Lopez-de-Silane & Andrei Shleifer, 2004. "Do Institutions Cause Growth?," NBER Working Papers 10568, National Bureau of Economic Research, Inc.
  7. Oguzhan Dincer, 2007. "The effects of property rights on economic performance," Applied Economics, Taylor & Francis Journals, vol. 39(7), pages 825-837.
  8. Neeman, Zvika, 1999. "Property Rights and Efficiency of Voluntary Bargaining under Asymmetric Information," Review of Economic Studies, Wiley Blackwell, vol. 66(3), pages 679-91, July.
  9. Besley, Timothy, 1995. "Property Rights and Investment Incentives: Theory and Evidence from Ghana," Journal of Political Economy, University of Chicago Press, vol. 103(5), pages 903-37, October.
  10. Ross Levine, 2005. "Law, Endowments and Property Rights," Journal of Economic Perspectives, American Economic Association, vol. 19(3), pages 61-88, Summer.
  11. Gonzalez, Francisco M., 2007. "Effective property rights, conflict and growth," Journal of Economic Theory, Elsevier, vol. 137(1), pages 127-139, November.
  12. Pol Antr�s, 2005. "Property Rights and the International Organization of Production," American Economic Review, American Economic Association, vol. 95(2), pages 25-32, May.
  13. Daniel H. Cole & Peter Z. Grossman, 2002. "The Meaning of Property Rights: Law versus Economics?," Land Economics, University of Wisconsin Press, vol. 78(3), pages 317-330.
  14. Mark Gradstein, 2007. "Inequality, democracy and the protection of property rights," Economic Journal, Royal Economic Society, vol. 117(516), pages 252-269, 01.
  15. Simon Johnson & John McMillan & Christopher Woodruff, 2002. "Property Rights and Finance," American Economic Review, American Economic Association, vol. 92(5), pages 1335-1356, December.
  16. Field, Barry C, 1989. "The Evolution of Property Rights," Kyklos, Wiley Blackwell, vol. 42(3), pages 319-45.
  17. Gwartney, James & Lawson, Robert, 2003. "The concept and measurement of economic freedom," European Journal of Political Economy, Elsevier, vol. 19(3), pages 405-430, September.
  18. Torstensson, Johan, 1994. "Property Rights and Economic Growth: An Empirical Study," Kyklos, Wiley Blackwell, vol. 47(2), pages 231-47.
  19. Erik Kimbrough & Vernon Smith & Bart Wilson, 2006. "Historical Property Rights, Sociality, and the Emergence of Impersonal Exchange in Long-distance Trade," Working Papers 1003, George Mason University, Interdisciplinary Center for Economic Science, revised Oct 2006.
  20. Simon Mohun, 2004. "The Labour Theory of Value as Foundation for Empirical Investigations," Metroeconomica, Wiley Blackwell, vol. 55(1), pages 65-95, 02.
  21. Alchian, Armen A. & Demsetz, Harold, 1973. "The Property Right Paradigm," The Journal of Economic History, Cambridge University Press, vol. 33(01), pages 16-27, March.
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