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The Applied Theory of the Bourgeois Era: A Price-Theoretic Perspective

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  • Peter J. Boettke
  • Rosolino A. Candela

Abstract

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.

Suggested Citation

  • Peter J. Boettke & Rosolino A. Candela, 2020. "The Applied Theory of the Bourgeois Era: A Price-Theoretic Perspective," Journal of Contextual Economics (JCE) – Schmollers Jahrbuch, Duncker & Humblot, Berlin, vol. 140(3-4), pages 355-366.
    • Handle: RePEc:dah:aeqjce:v140_y2020_i3_q3_p355-366
    DOI: 10.3790/schm.140.3-4.355
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    More about this item

    Keywords

    Bourgeois Era; Culture; Deirdre McCloskey; Price Theory; Property Rights; Transaction Costs;
    All these keywords.

    JEL classification:

    • A23 - General Economics and Teaching - - Economic Education and Teaching of Economics - - - Graduate
    • B53 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - Austrian
    • O43 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - Institutions and Growth
    • P16 - Political Economy and Comparative Economic Systems - - Capitalist Economies - - - Capitalist Institutions; Welfare State

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