Economic Analysis of Property Rights
Book description
This is a study of the way individuals organise the use of resources in order to maximise the value of their economic rights over these resources. Property rights and all forms of organisation result from people's deliberate actions. In the tradition of Coase, this study offers a unified theoretical structure…
Why read it?
1 author picked Economic Analysis of Property Rights as one of their favorite books. Why do they recommend it?
I make use of the basic concepts that Barzel introduced in this book, but deviate more from conventional neoclassical economics.
Economic property rights are about effective control over resources, and not necessarily about legal rights. A key insight is that a resource consists of an open-ended number of attributes and therefore that control over a resource can become more complex as the number of attributes increases.
There is also a tendency for control to change hands as market participants discover more valuable uses of resources.
From David's list on understanding how societies develop.
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