The Property Right Paradigm

  title={The Property Right Paradigm},
  author={Armen Albert Alchian and Harold Demsetz},
  journal={The Journal of Economic History},
Economics textbooks invariably describe the important economic choices that all societies must make by the following three questions: What goods are to be produced? How are these goods to be produced? Who is to get what is produced? This way of stating social choice problems is misleading. Economic organizations necessarily do resolve these issues in one fashion or another, but even the most centralized societies do not and cannot specify the answer to these questions in advance and in detail… 
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