Malloy, Robin Paul --- "Real Estate Transactions and Entrepreneurship" [2011] ELECD 426; in Ghosh, Shubha; Malloy, Paul Robin (eds), "Creativity, Law and Entrepreneurship" (Edward Elgar Publishing, 2011)

Book Title: Creativity, Law and Entrepreneurship

Editor(s): Ghosh, Shubha; Malloy, Paul Robin

Publisher: Edward Elgar Publishing

ISBN (hard cover): 9781848449879

Section: Chapter 2

Section Title: Real Estate Transactions and Entrepreneurship

Author(s): Malloy, Robin Paul

Number of pages: 16

Extract:

2. Real estate transactions and
entrepreneurship
Robin Paul Malloy

INTRODUCTION

This chapter is offered as an invitation to a conversation about the way
in which we think, or might think, about real estate transactions. It is
preliminary and suggestive in nature, and it invites readers to think about
an entrepreneurial theory of real estate transactions. Many of the ideas
expressed herein expand on work begun in two of my earlier books: Law
and Market Economy: Reinterpreting the Values of Law and Economics;1
and Law in a Market Context: An Introduction to Market Concepts in
Legal Reasoning.2 In each of these books I develop the idea of law and
market economy, or what might otherwise be identified as law and market
exchange theory. This approach is one based on the market as a dynamic
process of exchange and involves examining the way in which exchange
is initiated, the terms of trade, the objects of exchange and a variety of
socio-legal factors that govern human interaction in a market society. It
is an approach grounded in an understanding of the market as a place of
meaning and value transformation rather than one of a simple utilitarian
economic calculus, and it assumes that the market is a means to a mission
driven end rather than an end in itself. In this chapter I apply this approach
to an initial consideration of real estate transactions to suggest that such
transactions are prototypical examples of entrepreneurship because they
focus on the capture ...