The Applied Theory of the Bourgeois Era
A Price-Theoretic Perspective
Bibliographic Data
| ID | 22187491 |
|---|---|
| Authors | Peter J Boettke (0000-0003-4868-8898, George Mason University), Rosolino A Candela, Rosolino Candela (0000-0003-3129-1624, George Mason University, corresponding author) |
| Year | 2020 |
| Volume | 140 |
| Issue | 3–4 |
| Pages | 355-366 |
| Publication date | 2020-07-01 |
| Peer Reviewed | Yes |
| Open Access | Yes |
| Type | ARTICLE |
| Venue | Journal of Contextual Economics – Schmollers Jahrbuch (JOURNAL) |
| Journal identifiers | ISSN: 2568-7603 • E-ISSN: 2568-762X |
| Publisher | Duncker & Humblot GmbH (PUBLISHER • DE) |
| DOI | 10.3790/schm.140.3-4.355 |
| OpenAlex | W4247227847 |
| Language | EN |
| References cited | 18 |
What can we learn about applied price theory from the Bourgeois Era? In this paper, we contend there are three important lessons that can be extracted from McCloskey’s work on the Great Enrichment. First, transaction costs are not constraints, but objects of choice. Second, property rights are not merely a “bundle of sticks,” in that private property rights make exchange possible, but a culture of liberal ideas makes exchange viable. Third, ideas conducive to liberalism give rise to generalized increasing returns to the scope, rather than scale, of market exchange, which generated the Great Enrichment
Bourgeoisie · Database transaction · Economics · Epistemology · Law and economics · Liberalism · Market economy · Microeconomics · Neoclassical economics · Political science · Politics · Private property · Property rights · Transaction cost · Computer Science · Economic Theory and Institutions · Economic Theory and Policy · Law · Mathematics · Philosophy · Political Economy and Marxism
| Citation velocity | historical |
|---|---|
| Highly cited | No |