Property Economics (A Theory of Comparative Systems) -- Classics of New Institutional Economics

Author: [China] Svetozar Pejovich, translated by Jiang Linqi
Publisher:
Publish Date: 2000-01-01
Features: Our country is currently undergoing a period of economic system transition. In the process of shifting from a planned economy to a market economy, we have encountered numerous contradictions and problems. How to design a sound institutional framework, how to handle the triangular relationship between the state, the market, and enterprises, and how to address information and incentive issues are the most urgent fundamental problems China must resolve. The essence of these problems lies in how to save on institutional costs. Once this issue is resolved, China will embark on a path of institutional innovation characterized by low transaction costs, a well-functioning market mechanism, sensitive information, and rapid market expansion. This book is unique in both content and methodology. It is a work of property rights economics, yet also a study of comparative economic systems. The author integrates the theory of property rights economics into the analysis of economic systems, particularly the planned economy system and its variants. For a long time, mainstream Western economists have primarily studied and compared planned economy systems based on neoclassical methodologies. Such analysis, of course, has its refinements, but it lacks the depth of historical and cultural context.