BooknewsPejovich (economics, Texas A&M U.) has pioneered the application of insights from property rights analysis and the institutional economics to non-capitalist economic systems. Here he redirects the study of what are called comparative economic systems toward analyzing the development of institutions and the effects of alternative institutional arrangements on economic performance. He internalizes into a theoretical framework the effects of alternative property rights on the costs of transactions and incentives structures, the effects of transaction costs and incentives on economic behavior, and the evidence for refutable implications of those effects. His ultimate goal is to demonstrate why capitalism is superior to any other economic form. No date is mentioned for the first edition. No subject index. Annotation c. by Book News, Inc., Portland, Or.
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