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Property Rights And The General Theory Of Exchange: Frequently Neglected Implications Of The Division Of Labour And The Law Of Comparative Advantage

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  • Manuel F. Ayau

Abstract

The importance of the division of labour and the law of comparative advantage to the operation of modern economies are well known, but many of the implications of these phenomena are less widely appreciated. This article examines the implications of the division of labour and the law of comparative advantage for the ownership and exercise of property rights and the creation and distribution of wealth. It is argued that a fuller appreciation of these phenomena leads to the conclusion that restraints on trade and redistributory measures infringe private property rights and reduce wealth.

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  • Manuel F. Ayau, 2006. "Property Rights And The General Theory Of Exchange: Frequently Neglected Implications Of The Division Of Labour And The Law Of Comparative Advantage," Economic Affairs, Wiley Blackwell, vol. 26(1), pages 48-53, March.
    • Handle: RePEc:bla:ecaffa:v:26:y:2006:i:1:p:48-53
    DOI: 10.1111/j.1468-0270.2006.00612.x
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    Cited by:

    1. Karel Zeman, 2018. "Analýza teorie vlastnických práv [Theory of Ownership Rights Analysis]," Politická ekonomie, Prague University of Economics and Business, vol. 2018(1), pages 99-115.

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