Ownership economics : on the foundations of interest, money, markets, business cycles and economic development

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Title:

Author:

Heinsohn, Gunnar.

ISBN:

9780415645461

9780203077467

Personal Author:

Heinsohn, Gunnar.

Uniform Title:

Eigentum, Zins und Geld. English

Publication Information:

Abingdon, Oxon ; New York : Routledge, 2013.

Physical Description:

xxvii, 192 p. ; 24 cm.

Series:

Routledge frontiers of political economy ; 168

Routledge frontiers of political economy ; 168.

General Note:

Formerly CIP.

Contents:

Ownership economics: an introduction / Frank Decker -- Preface to the first german edition of ownership economics -- Possession and ownership : use of goods versus economic activity -- The blindness of the great schools of economics towards ownership -- The economic core of the ownership system : interest, money and property assets -- The market as the result of the ownership-based economy -- Issues associated with ownership in developming and transformation countries.

Abstract:

This book presents the first full-length explanation in English of Heinsohn and Steiger's groundbreaking theory of money and interest, which emphasizes the role played by private property rights.

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Summary

This book presents the first full-length explanation in English of Heinsohn and Steiger's groundbreaking theory of money and interest, which emphasizes the role played by private property rights.

Ownership economics gives an alternative explanation of money and interest, proposing that operations enabled by property lead to interest and money, rather than exchange of goods. Like any other approach, it has to answer economic theory's core question: what is the loss that has to be compensated by interest?

Ownership economics accepts neither a temporary loss of goods, as in neoclassical economics, nor Keynes's temporary loss of already existing, exogenous money as the cause of interest. Rather, money is created as a non-physical title to property in a credit contract secured by a debtor's collateral and the creditor's net worth.

This book is an edited English translation of a highly successful German text, and offers the first book-length treatment of a theory which has received much interest since its first appearance in articles in the late 1970s.