Book Chapter10.1016/S1574-0730(07)01003-1
Chapter 3 Property Law
Dean Lueck,Thomas J. Miceli +1 more
- 01 Jan 2007
- Vol. 1, pp 183-257
38
TL;DR: The economics of property rights and property law can be used to understand fundamental features of property law and related extra-legal institutions as discussed by the authors, where the authors argue that property rights can be best understood as a system of societal rules designed to maximize social wealth.
read more
Abstract: This chapter examines the economics of property rights and property law. It shows how the economics of property rights can be used to understand fundamental features of property law and related extra-legal institutions. The chapter examines both the rationale for legal doctrine, and the effects of legal doctrine regarding the exercise, enforcement, and transfer of rights. It also examines various property rights regimes including open access, private ownership, common property, and state property. The guiding questions are: How are property rights established? What explains the variation in the types of property rights? What governs the use and transfer of rights? And, how are property rights enforced? In answering these questions we argue that property rights and property law can be best understood as a system of societal rules designed to maximize social wealth. They do this by creating incentives for people to maintain and invest in assets, which leads to specialization and trade.
read more
Chat with Paper
AI Agents for this Paper
Find similar papers on Google Scholar, PubMed and Arxiv
Write a critical review of this paper
Analyze citations of this paper to find unaddressed research gaps
Citations
Two Treatises of Government.
TL;DR: It is impossible that the rulers now on earth should make any benefit, or derive any the least shadow of authority from that, which is held to be the fountain of all power, Adam's private dominion and paternal jurisdiction.
4.4K
Much of the ‘economics of property rights’ devalues property and legal rights
TL;DR: In this article, a revised form in Journal of Institutional Economics, https://doi.org/10.1017/S1744137414000630 is published for private research and study only.
198
Legal institutionalism : Capitalism and the constitutive role of law
TL;DR: The role of law in constituting the economic institutions of capitalism is discussed in this paper, where it is argued that complex systems of law have played a crucial role in capitalist development and are also vital for developing economies.
188
When does the rule of liability matter
Harold Demsetz
- 01 Jan 1998
TL;DR: In this article, it was shown that the choice of liability rule will have effects on resource allocation, and no longer follows that wealth distribution is the main or even an important consideration in choosing the liability rule.
163
Legal Institutionalism: Capitalism and the Constitutive Role of Law
TL;DR: The role of law in constituting the economic institutions of capitalism is discussed in this article, where it is argued that law is also a key institution for overcoming contracting uncertainties and is furthermore a part of the power structure of society.
References
The Tragedy of the Commons
TL;DR: The population problem has no technical solution; it requires a fundamental extension in morality.
25.9K
The Nature of the Firm
TL;DR: In this paper, it is shown that a definition of a firm may be obtained which is not only realistic in that it corresponds to what is meant by a firm in the real world, but is tractable by two of the most powerful instruments of economic analysis developed by Marshall, the idea of the margin and that of substitution.
23.4K
The Market for “Lemons”: Quality Uncertainty and the Market Mechanism
TL;DR: In this paper, the authors present a struggling attempt to give structure to the statement: "Business in under-developed countries is difficult"; in particular, a structure is given for determining the economic costs of dishonesty.
•Book
Governing the Commons: The Evolution of Institutions for Collective Action
Elinor Ostrom
- 01 Jan 1990
TL;DR: In this paper, an institutional approach to the study of self-organization and self-governance in CPR situations is presented, along with a framework for analysis of selforganizing and selfgoverning CPRs.