Ownership Economics: On the Foundations of Interest, Money, Markets, Business Cycles and Economic Development

220 Pages·2012·42.448 MB·English

by  Gunnar Heinsohn, Otto Steiger, Frank Decker

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 neoclassi-
cal 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 crcdit 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.
Gunnar Heinsohn is Professor Emeritus at the University of Bremen, Germany.
Otto Steiger, who passed away in 2008, was a Professor at the University of
Bremen, Germany.
Frank Decker is an economist based in Sydney, Australia.
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