The Property Right Paradigm

@article{Alchian1973ThePR,
  title={The Property Right Paradigm},
  author={Armen Albert Alchian and Harold Demsetz},
  journal={The Journal of Economic History},
  year={1973},
  volume={33},
  pages={16-27}
}
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… 
View via Publisher
business.illinois.edu
1,103 Citations
Highly Influential Citations
32
Background Citations
348
Methods Citations
12
Results Citations
4

1,103 Citations

Citation Type

Citation Type

The Logic of Social Action: Austrian Law-and-Economics
The collapse of communism clearly demonstrated that private property matters. This simple truth has often been denied though by economic theoreticians especially with the “success” of formalist…
The Prescriptions of the New Hobbesian Contractarian
The Hobbesian contractarian is one who evaluates a legal, economic or political system by determining whether it is the sort of arrangement upon which the affected individuals could have come to…
Welfare Economics, Economic Order, and Competition
The observable breakdown of socialist systems represents a severe blow for those who still believe in historical materialism although historicism must be considered refuted already on logical grounds…
Institutional Economics: New
The Sociology of Property Rights
Property rights matter for their effects on economic inequality and economic performance, and they unfold at the intersection of law, the state, politics, and the economy. Five dimensions of property…
Property Rights, Public Goods and the Environment
Private ownership and the standing to say so
Property theory is an ongoing discourse attempting to articulate a compelling answer (or answers) to the following question: what is the single most significant or otherwise interesting thing about…
Property Rights, Markets and Economic Theory: Keynes versus Neoclassicism - again
This essay has two main objectives. Initially, I specify the relationship between neoclassical theory and the property rights regime on which that theory rests. In this portion of the argument I show…
Emergent Politics and Constitutional Drift: The Fragility of Procedural Liberalism
What does the reality of political bargains imply for the sustainability of constitutions enshrining procedural liberalism? I explore this question by taking a catallactic, or transactional, view of…
Neither market nor government. Comparing the performance of user rights regimes
This paper takes a different perspective on the market versus government debate. This debate is often too general, too political and not fruitful. Starting from the assumption that many actors make…
...
...

References

SHOWING 1-10 OF 11 REFERENCES
The Nature of the Firm
Economic theory has suffered in the past from a failure to state clearly its assumptions. Economists in building up a theory have often omitted to examine the foundations on which it was erected.…
Toward a Theory of Property Rights
When a transaction is concluded in the marketplace, two bundles of property rights are exchanged. A bundle of rights often attaches to a physical commodity or service, but it is the value of the…
Externalities, Property Rights, and Transactions Costs: An Empirical Study
  • T. Crocker
  • Economics
    The Journal of Law and Economics
  • 1971
C HEUNG, Demsetz, and Williamson, et al, have shown how the presence of transaction costs can affect outcomes and choices of contractual arrangements.' However, nowhere is there a reasonably detailed…
The Rise and Fall of the Manorial System: A Theoretical Model
European economic history has always been concerned with the grand theme of the rise of the Western World. Sometimes this is put in terms of the transition from feudalism to capitalism and, if a…
Property in Work
In the face of rising concern over the obsolescence and displacement of skill, there have been some proposals to compensate disadvantaged workers not only for current wage loss but also for the…
Liberman's Reforms and Property Rights in the Soviet Union
  • S. Pejovich
  • Economics
    The Journal of Law and Economics
  • 1969
T HE thesis advanced in this paper is that a theory of economic systems developed around the concept of property rights would assure us of much deeper and fuller understanding of the organization of…
Non-contractual relations in business: a preliminary study
Most larger companies, and many smaller ones, attempt to plan carefully and completely. Important transactions not in the ordinary course of business are handled by a detailed contract. For example,…
Products Liability: Implications of Some Changing Property Rights
Introduction, 611. — I. Developments concerning products liability, 612. — II. Implications of alternative assignments of liability, 616.
The theory of share tenancy
The Effect of the Common Ownership of Land upon Resource Allocation in Tripolitania
...
...