Economic Analysis of Property Rights
Aus der Reihe
Political Economy of Instituti
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Sprache:Englisch
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Produktdetails
Format
ePUB
Kopierschutz
Ja
Family Sharing
Ja
Text-to-Speech
Ja
Erscheinungsdatum
31.08.2023
Verlag
Cambridge University PressSeitenzahl
(Printausgabe)
Dateigröße
3253 KB
Sprache
Englisch
EAN
9781009374750
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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