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Collateral and Own Capital
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Collateral and Own Capital

The Missing Links in the Theory of the Rate of Interest and Money

18 Seiten · 3,44 EUR
(03. November 2008)

 
Ich bin mit den AGB, insbesondere Punkt 10 (ausschließlich private Nutzung, keine Weitergabe an Dritte), einverstanden und erkenne an, dass meine Bestellung nicht widerrufen werden kann.
 
 

Summary:

Gunnar Heinsohn and Otto Steiger contrast their property economics with the neglect and misunderstanding of the fundamental property titles of collateral and own capital in classical and neoclassical as well as in New Institutional and New Keynesian economics. The fundamental flaw of the great economic schools is seen in their confusion of possession, a thing, with property, a societal relation. The authors wish to replace the misleading dichotomy between State property and private property with the distinction between property and possession. The latter distinction allows them to present a coherent, property-based theory of interest and money, explaining why genuine money is always creditor’s money. In the creation of such money in a credit contract, the issuer of money as the creditor must burden his property, his own capital, and the receiver of the money as the issuer’s debtor to encumber his property by supplying it as eligible collateral. What may happen when collateral is missing and own capital lacking is exemplified by an analysis of the recent subprimemortgage crisis.


zitierfähiger Aufsatz aus ...
Property Economics
Otto Steiger (ed.):
Property Economics
the authors
Prof. Dr. Dr. Gunnar Heinsohn
Gunnar Heinsohn

leitet an der Universität Bremen das Phaphael-Lemkin-Institut für Xenophobie- und Genozide-Forschung.

[weitere Titel]
Prof. Dr. Otto Steiger (†)
Otto Steiger (†)

war Professor für Volkswirtschaftslehre am Institut für Konjunktur- und Strukturforschung der Universität Bremen. 2000: Aufnahme der mit G. Heinsohn entwickelten Eigentumstheorie von Zins und Geld als eine der fünf bedeutendsten Gelderklärungen im Geldmuseum der Bundesbank.

[weitere Titel]