ENGLISH

Economic Analysis of Property Rights

By Douglas W. Allen , Yoram Barzel

Book information

Publisher
Cambridge University Press
Year
2023
ISBN
9781009374736, 9781009374712, 9781009374729, 1009374737
Language
english
Format
PDF
Filesize
2 MB (1898284 bytes)
Series
Political Economy of Institutions and Decisions
Edition
3
Pages
300\301
Library
Mobilism
Time added
2023-10-30 04:32:23

Description

The standard neoclassical model of economics is incapable of explaining why one form of organization arises over another. It is a model where transaction costs are implicitly assumed to not exist; however, transaction costs are here defined as the costs of strengthening a given distribution of economic property rights, and they always exist. Economic Analysis of Property Rights is a study of how individuals organise resources to maximise the value of their economic rights over these resources. It offers a unified theoretical structure to deal with exchange, rights formation, and organisation that traditional economic theory often ignores. It explains how transaction costs can be reduced through reorganization and, in the end, how the distribution of property rights that exists is the one that maximizes wealth net of these transaction costs. This necessary hypothesis explains much of the puzzling organizations and institutions that exist now and have existed in the past.

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