Series:

New Horizons in Institutional and Evolutionary Economics

2 total works

Cover of Property Rights, Consumption and the Market Process
Property Rights, Consumption and the Market Process extends property rights theory in new and exciting directions by combining complementary insights from Austrian, institutional and evolutionary economics. Mainstream economics tends to analyse property rights within a static equilibrium framework. In this book David Andersson reformulates property rights theory as an evolutionary theory of the market process.

This original work includes many valuable insights and new analysis such as:



  • combining Yoram Barzel's theory of property rights, Ludwig Lachmann's theory of capital, the resource-based view of the firm and the entrepreneurship theories of Frank Knight, Joseph Schumpeter and Israel Kirzner

  • applying Ronald Inglehart's theory of value change to discontinuities in how imitative behaviour influences consumer choice

  • a new distributional perspective on the Hayekian knowledge problem

  • a model of consumer choice that combines lexicographic characteristics and learning processes

  • a methodological approach that considers the perceived causal and evidential utilities of a theory

  • original empirical material (hedonic price functions and case studies) and new areas of application for important computer simulation results.


David Andersson's book will be warmly welcomed by heterodox economists and new institutional economists, as well as economists of entrepreneurship studies, regional development and urban planning.

Cover of Time, Space and Capital
In this challenging book, the authors demonstrate that economists tend to misunderstand capital. Frank Knight was an exception, as he argued that because all resources are more or less durable and have uncertain future uses they can consequently be classed as capital. Thus, capital rather than labor is the real source of creativity, innovation, and accumulation. But capital is also a phenomenon in time and in space. Offering a new and path-breaking theory, they show how durable capital with large spatial domains - infrastructural capital such as institutions, public knowledge, and networks - can help explain the long-term development of cities and nations.

This is a crucial book for spatial and institutional economists and anyone working outside the neoclassical mainstream. Academics and students of economic history, urban and regional planning, and economic sociology will also find it an illuminating and accessible exploration of time, space and capital.