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"Steiger, Otto"
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Ownership Economics
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.
eBook
Property Economics versus New Institutional Economics: Alternative Foundations of How to Trigger Economic Development
What are the core economic principles to be implemented for protected transactions in developing and transitional countries to trigger economic development? In recent decades, two approaches have been developed which claim to answer this question: 1. the theory of property rights, or new institutional economics, and 2. the property-based theory of the economy, or property economics, This paper presents the fundamentals of property economics. It then presents those of new institutional economics as alternative explanations of economic activity in the underdeveloped world, whereby institutional economics is analyzed from the viewpoint of the core of property economics -- the distinction between property and possession. This paper concludes that the core principles triggering economic activity are embodied in the institution of property that, both as common and private property, is created by men. To successfully implement a property reform is not a task which can be achieved by mere legislation or by programs of multilateral institutions.
Journal Article
The four achilles' heels of the Eurosystem
Describes four inherent flaws in the Eurosystem: (1) the absence of a central monetary regime; (2) divergent real interest rates; (3) nonmarketable securities; and (4) no lending institution of last resort. Despite its name, the European Central Bank (ECB) is not the center of the Eurosystem, nor is it a bank of issue, which has consequences for the other three weaknesses. A strong central monetary union is of paramount significance for the Eurosystem, and proposals toward improvement are offered.
Journal Article
