The “stalemate economy” is hindered by private property and rights, creating obstacles to economic growth and prosperity. Author Michael Heller argues that too much private ownership can stifle progress and identifies real estate and intellectual property as examples. The book has generated controversy and debate.
A stalemate economy is so stifled by private property and private property rights that it fails to utilize available resources efficiently for the greater good of the population. The term was coined by author and professor Michael Heller, who wrote a book by that name, published in 2008. The book has been widely reviewed and has generated much debate.
Heller’s controversial theory suggests that too much private ownership of property can create insurmountable obstacles to economic growth and prosperity. He uses the illustration of the owners as gatekeepers. Because gatekeepers have the right to grant and restrict access, they wield a great deal of power and can either encourage or discourage progress. As the number of gatekeepers increases, the difficulty of navigating a stalemate economy increases accordingly.
Of course, private property comes in many different forms to create a stalemate economy. Heller targets several of them, including real estate and intellectual property. In one case, he argues that intellectual property rights, through the use of patents, can stifle innovation in the healthcare field, thus creating a stalemate economy, at least on a micro scale. Private property rights can stifle progress, making it difficult to complete public works projects such as roads and, as Heller notes in the book’s sheet, even tracks.
Any book that attacks private property rights will be controversial. Some, especially conservatives, will see The Gridlock Economy as an attack on capitalism by an academic elitist. Private property rights are characteristic of a capitalist society. While it cannot be denied that much of what Heller proposes goes against the tenets of capitalism, identifying that as his motivation for writing the book could be short-sighted. In one piece, Heller wrote that the idea to write The Gridlock Economy came from the motivation he received after hearing about a life-saving drug that was having trouble getting to market.
Heller points out that both onerous regulation and excessive privatization play a role in the stalled economy. In this, he argues, liberals and conservatives alike can find a cause they can cling to.
Asset Smart.
Protect your devices with Threat Protection by NordVPN
