Economics Dictionary of ArgumentsHome
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| Institutions: Institutions are social structures that organize and guide human behavior. They can be formal or informal, and they can be public or private._____________Annotation: The above characterizations of concepts are neither definitions nor exhausting presentations of problems related to them. Instead, they are intended to give a short introduction to the contributions below. – Lexicon of Arguments. | |||
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Ludwig von Mises on Institutions - Dictionary of Arguments
Parisi I 269 Money/Institutions/Mises: In the same spirit of Menger’s explanation for the emergence of money, Mises attempted to explain the emergence of legal rules. Mises argued that property law originally arose from recognition of simple possession, and contract law from primitive acts of exchange within localized areas. While the former may have had as its primary motive the avoidance of violence and the creation of peaceful conditions, the latter was almost bound to arise under conditions of de facto property in order to pursue the gains from exchange. >Carl Menger. But ultimately the world created by these early efforts produced institutions that could be viewed as “a settlement, an end to strife, an avoidance of strife” and thus “their result, their function” is to produce peace within a community (Mises, 1981/1922(1), p. 34). Mises built on the argument made much earlier by Adam Smith, though Smith’s focus is not on violence but on trade. For Smith, individuals have a natural propensity to “truck, barter and exchange” (Smith, 1981/1776(2), p. 15). >Ludwig von Mises. 1. Mises, L. v. (1981/1922). Socialism: An Economic and Sociological Analysis. Indianapolis, IN: Liberty Fund. 2. Smith, A. (1981/1776). An Inquiry into the Nature and Causes of the Wealth of Nations, Vols. I–V. Indianapolis, IN: Liberty Fund. Rajagopalan, Shruti and Mario J. Rizzo “Austrian Perspectives on Law and Economics.” In: Parisi, Francesco (ed) (2017). The Oxford Handbook of Law and Economics. Vol 1: Methodology and Concepts. NY: Oxford University._____________Explanation of symbols: Roman numerals indicate the source, arabic numerals indicate the page number. The corresponding books are indicated on the right hand side. ((s)…): Comment by the sender of the contribution. Translations: Dictionary of Arguments The note [Concept/Author], [Author1]Vs[Author2] or [Author]Vs[term] resp. "problem:"/"solution:", "old:"/"new:" and "thesis:" is an addition from the Dictionary of Arguments. If a German edition is specified, the page numbers refer to this edition. |
EconMises I Ludwig von Mises Die Gemeinwirtschaft Jena 1922 Parisi I Francesco Parisi (Ed) The Oxford Handbook of Law and Economics: Volume 1: Methodology and Concepts New York 2017 |
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> Counter arguments against Mises
> Counter arguments in relation to Institutions
