Description
Book SynopsisThe institution of property is as old as mankind, and property rights are deemed vital to a prosperous economic system. This book explores how property rights arise, and how they bolster economic development. It also examines as well how controversies over valuable property rights are resolved: by agreement, by violence, or by law.
Trade Review"This volume provides a solid, sophisticated introduction to the emerging field of economics and property rights."--Choice
Table of ContentsList of Figures and Tables vii Acknowledgments ix Introduction: The Economic Approach to Property Rights 1 PART I: INTRODUCTION 13 One: Property Rights in the History of Economic Thought: From Locke to J. S. Mill by Edwin G. West 20 Two: Property Rights in the Firm by Yoram Barzel 43 PART II: INTRODUCTION 59 Three: Open Access versus Common Property by Thrinn Eggertsson 73 Four: Gains from Private Property: The Empirical Evidence by Louis De Alessi 90 PART III: INTRODUCTION 113 Five: The Evolution of Property Rights by Terry L. Anderson and Peter J. Hill 118 Six: Contracting for Property Rights by Gary D. Libecap 142 Seven: Force, Threat, Negotiation: The Private Enforcement of Rights by David D. Haddock 168 PART IV: INTRODUCTION 195 Eight: First Possession as the Basis of Property by Dean Lueck 200 Nine: Government as Definer of Property Rights: Tragedy Exiting the Commons? by Fred S. McChesney 227 PART V: INTRODUCTION 255 Ten: Property Rights or Externalities? by Bruce Yandle 259 Eleven: Ownership and the Externality Problem by Harold Demsetz 282 PART VI: INTRODUCTION 301 Twelve: In and Out of Public Solution: The Hidden Perils of Forced and Unforced Property Transfer by Richard A. Epstein 307 Thirteen: Public Goods and Property Rights: Of Coase, Tiebout, and Just Compensation by William A. Fischel 343 References 365 Cases Cited 391 About the Editors and Authors 393 Index 395
