The Property Right Paradigm

@inproceedings{Alchian1973ThePR,
  title={The Property Right Paradigm},
  author={Armen Albert Alchian and Harold Demsetz},
  year={1973}
}
  • Armen Albert Alchian, Harold Demsetz
  • Published 1973
  • Economics
  • 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… CONTINUE READING

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    Ostrom's Law: Property Rights in the Commons

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    References

    Publications referenced by this paper.

    Furubotn and S . Pejovich , " Property Rights and the Behavior of the Firm in a Socialist State

    • R. D. Eckert A. S. Devany, C. J. Meyers, D. J. O'Hara
    • The Private Production of Public Goods , " Journal of Law and Economics , XI 11 ( October 1970 ) The Cost of Transacting , " Quarterly Journal of Economics