scholarly journals Private Property Rights, Dynamic Efficiency and Economic Development: An Austrian Reply to Neo-Marxist Scholars Nieto and Mateo on Cyber-Communism and Market Process

Economies ◽  
2021 ◽  
Vol 9 (4) ◽  
pp. 165
Author(s):  
William Hongsong Wang ◽  
Victor I. Espinosa ◽  
José Antonio Peña-Ramos
Keyword(s):  
Economic Development ◽  
Property Rights ◽  
Information And Communication Technologies ◽  
Private Property ◽  
Institutional Environment ◽  
Economic Life ◽  
Market Process ◽  
Dynamic Efficiency ◽  
Private Property Rights ◽  
Austrian Theory

The Austrian school economics and neo-Marxist theories both have been reviving in recent years. However, the current academic discussion lacks a debate between two schools of economics with diametrically opposed views. This paper is the first and an initial Austrian challenge to Neo-Marxist scholars Nieto and Mateo’s argumentation that cyber-communism and the Austrian theory of dynamic efficiency are consistent to enhance economic development. Their argument focuses on two issues: (a) the existence of circular reasoning in the Austrian theory of dynamic efficiency, and (b) dynamic efficiency and full economic development could be strongly promoted in a socialist system through new information and communication technologies (ICT) and the democratization of all economic life. While cyber-communism refers to cyber-planning without private property rights through ICT, dynamic efficiency refers to the entrepreneurs’ creative and coordinative natures. In this paper, first, we argue that the hypothesis that dynamic efficiency and cyber-communism is not compatible. Contrary to the above cyber-communist criteria, the Austrian theory of dynamic efficiency argues that to impede private property rights is to remove the most powerful entrepreneurial incentive to create and coordinate profit opportunities, the entrepreneurial incentives to create and coordinate profit opportunities are removed to identify human problems and the ability and willingness to solve them. Second, we argue that the cyber-communism system is inconsistent with economic development. In this regard, we explain how the institutional environment can cultivate or stifle dynamic efficiency and economic development. Having briefly outlined the central argument of Nieto and Mateo, we examine the institutional arrangement supporting cyber-communism. After that, we evaluate the implications of cyber-communism in the dynamic efficiency process. It becomes manifest that Nieto and Mateo’s accounts are too general to recognize the complexity of how economic development works.

scholarly journals China’s Challenge: Expanding the Market, Limiting the State

2016 ◽  
Vol 3 (1) ◽  
Author(s):  
James A. Dorn
Keyword(s):  
Property Rights ◽  
Chinese Communist Party ◽  
Private Property ◽  
State Ownership ◽  
The State ◽  
Economic Life ◽  
Free Markets ◽  
State Sector ◽  
Private Property Rights ◽  
General Secretary

AbstractChina has made significant progress since 1978 in expanding the market, but that progress is threatened by the failure to limit the state. The critical challenge facing the Chinese Communist Party (CCP) and its leadership is to widen the range of choices open to individuals by promoting what Milton Friedman, in his 1988 memorandum to General Secretary Zhao Ziyang, called “free private markets.” Free markets require well-defined private property rights protected by a just rule of law. China has a robust private sector and private property rights are now recognized by law, but the state sector and state ownership continue to play a strong role in directing economic life.

Institutional change and economic development: concepts, theory and political economy

2011 ◽  
Vol 7 (4) ◽  
pp. 529-534 ◽  
Author(s):  
AMITAVA KRISHNA DUTT
Keyword(s):  
Political Economy ◽  
Economic Development ◽  
Property Rights ◽  
Institutional Change ◽  
Private Property ◽  
Development Theory ◽  
Private Property Rights ◽  
Dominant Discourse ◽  
History Of ◽  
Economic Development Theory

This article complements Ha-Joon Chang's critique, entitled ‘Institutions and Economic Development: Theory, Policy and History’, of the ‘dominant discourse’ on institutions and economic development which takes the view that getting the institutions right (by strengthening private property rights and market freedoms) is a prerequisite for development. It does so by commenting on the concepts of economic development and institutions, discussing the theory of how institutional change affects development, and examining the possibility and desirability of such institutional change as a prerequisite of development.

scholarly journals In the Mainstream: Environmental Attitudes of Mid-South Forest Owners

1997 ◽  
Vol 21 (1) ◽  
pp. 37-43 ◽  
Author(s):  
John C. Bliss ◽  
Sunil K. Nepal ◽  
Robert T. Brooks ◽  
Max D. Larsen
Keyword(s):  
Economic Development ◽  
Property Rights ◽  
Environmental Protection ◽  
General Public ◽  
Management Practices ◽  
Private Property ◽  
Private Property Rights ◽  
Forest Practices ◽  
Study Results ◽  
Nipf Owners

Abstract A 1992 telephone survey of households in seven mid-South states provided data for comparing the opinions of NIPF owners with those of the general public. Topics explored included traditional forest management practices, governmental regulation of tree cutting to protect environmental values, and trade-offs between environmental protection, private property rights, and economic development. In each of these areas the views of NIPF owners were found not to differ significantly from those of the general public. A widespread desire for environmental protection tempers views toward forest practices, forest-based economic development, and private property rights. The relationships between NIPF owners' demographic characteristics, ownership activities, and opinions were explored. Study results challenged common assumptions about NIPF owners, questioned the effectiveness of existing forestry education efforts, and argue for a stronger, more explicitly environmental orientation in all forestry activities. South. J. Appl. For. 21(1):37-43.

State-owned company: Detection Zone of Government Failure or market Failure?

2015 ◽  
pp. 45-79 ◽  
Author(s):  
A. Radygin ◽  
Y. Simachev ◽  
R. Entov
Keyword(s):  
Property Rights ◽  
Market Failure ◽  
Private Property ◽  
Institutional Environment ◽  
Market Failures ◽  
Detection Zone ◽  
Government Failure ◽  
Private Property Rights ◽  
Owned Company ◽  
Direct Government

This article analyzes state-owned companies and their place in the structure of market interactions in the context of modern approaches to the study of government failures and market failures, as well as the conditions of the system of private property rights rooting. Besides the general theoretical consideration of the costs of functioning of state-owned companies, the authors refer to the specific experience of the Russian economy, consistently analyzing the opportunities and palliatives of the current privatization policy, the experience of establishment and the risks of functioning of state corporations. Particular attention is paid to the problem of limited motivation to improve the institutional environment in general and, on the contrary, the expansion of the practice of direct government intervention in order to solve the problems of economic development. The authors also consider specific areas where there is a restriction of private property rights in connection with the expansion of the public sector, de jure and de facto.

Institutions first

2011 ◽  
Vol 7 (4) ◽  
pp. 499-504 ◽  
Author(s):  
PETER BOETTKE ◽  
ALEXANDER FINK
Keyword(s):  
Economic Development ◽  
Property Rights ◽  
Private Property ◽  
Order Effect ◽  
Development Theory ◽  
Free Markets ◽  
Private Property Rights ◽  
Positive Effects ◽  
The Status ◽  
Economic Development Theory

Abstract:Ha-Joon Chang, in his article ‘Institutions and Economic Development: Theory, Policy and History’, raises doubts about the effects of institutions on economic development and questions the positive effects of entirely free markets based on secure private property rights. We respond by stressing that institutions structure the incentives underlying individual action, secure private property rights are indispensable for prosperity, institutions have a first-order effect whereas policies only have a second-order effect, successful institutional change comes from within a society, and, given the status quo of developing countries, first-world institutions are likely not to be available to them.

LAND PLOT AS AN OBJECT OF PRIVATE PROPERTY RIGHTS

2020 ◽  
Author(s):  
Vyacheslav Vovk
Keyword(s):  
Property Rights ◽  
Land Management ◽  
Land Reform ◽  
Essential Role ◽  
Private Property ◽  
Rich Country ◽  
Private Property Rights ◽  
Land Plot ◽  
Government Supervision

Russia is a resource-rich country, and great changes are being made today in order that land and its resources are used for the benefit of any citizen of our state. Under the circumstances government supervision (control) over the optimal use of territories gets the essential role. The rights that are contained in land reform give owners, landowners, land users, and employers extensive powers concerning independent land management.

Konsep Distribusi Pendapatan Dalam Islam

2016 ◽  
Vol 1 (1) ◽  
pp. 85-97
Author(s):  
Moh. Ah. Subhan ZA
Keyword(s):  
Property Rights ◽  
Social Life ◽  
Private Property ◽  
Wealth Distribution ◽  
The State ◽  
Private Property Rights ◽  
Job Opportunities ◽  
The Rich ◽  
The Difference ◽  
Distribution Of Income

The main problem of social life in the community is about how to make the allocation and distribution of income well. Inequality and poverty basically arise not because of the difference of anyone’s strength and weakness in getting livelihood, but because of inappropriate distribution mechanism. With the result that wealth treasure just turns on the rich wealthy, which is in turn, results in the rich get richer and the poor get poorer.Therefore, a discussion on distribution becomes main focus of theory of Islamic economics. Moreover, the discussion of the distribution is not only related to economic issues, but also social and political aspects. On the other side, the economic vision of Islam gives priority to the guarantee of the fulfillment of a better life. Islam emphasizes distributive justice and encloses, in its system, a program for the redistribution of wealth and prosperity, so that each individual is guaranteed with a respectable and friendly standard of living. Islam recognizes private property rights, but the private property rights must be properly distributed. The personal property is used for self and family livelihood, for investment of the working capital, so that it can provide job opportunities for others, for help of the others through zakat, infaq, and shodaqoh. In this way, the wealth not only rotates on the rich, bringing on gap in social life.The problem of wealth distribution is closely related to the welfare of society. Therefore, the state has a duty to regulate the distribution of income in order that the distribution can be fair and reaches appropriate target. The state could at least attempt it by optimizing the role of BAZ (Badan Amil Zakat) and LAZ (Lembaga Amil Zakat) which has all this time been slack. If BAZ and LAZ can be optimized, author believes that inequality and poverty over time will vanish. This is because the majority of Indonesia's population is Muslim.

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