Property Rights
Cooperation, Conflict, and Law
1st Edition
Published on 19. November 2018
408 pages
978-0-691-19036-5 (ISBN)
Description
The institution of property is as old as mankind, and property rights are today deemed vital to a prosperous economic system. Much has been written in the last decade on the economics of the legal institutions protecting such rights. This unprecedented book provides a magnificent introduction to the subject. Terry Anderson and Fred McChesney have gathered twelve leading thinkers to explore how property rights arise, and how they bolster economic development. As the subtitle indicates, the book examines as well how controversies over valuable property rights are resolved: by agreement, by violence, or by law.
The essays begin by surveying the approaches to property taken by early political economists and move to colorful applications of property rights theory concerning the Wild West, the Amazon, endangered species, and the broadcast spectrum. These examples illustrate the process of defining and defending property rights, and demonstrate what difference property rights make. The book then considers a number of topics raised by private property rights, analytically complex topics concerning pollution externalities, government taking of property, and land use management policies such as zoning.
Overall, the book is intended as an introduction to the economics and law of property rights. It is divided into six parts, with each featuring an introduction by the editors that integrates prior chapters and material in coming chapters. In the end, the book provides a fresh, comprehensive overview of an intriguing subject, accessible to anyone with a minimal background in economics. With chapters written by noted experts on the subject, Property Rights offers the first primer on the subject ever produced. In addition to the editors, the contributors are Louise De Alessi, Yoram Barzel, Harold Demsetz, Thráinn Eggertsson, Richard A. Epstein, William A. Fischel, David D. Haddock, Peter J. Hill, Gary D. Libecap, Dean Lueck, Edwin G. West, and Bruce Yandle.
The essays begin by surveying the approaches to property taken by early political economists and move to colorful applications of property rights theory concerning the Wild West, the Amazon, endangered species, and the broadcast spectrum. These examples illustrate the process of defining and defending property rights, and demonstrate what difference property rights make. The book then considers a number of topics raised by private property rights, analytically complex topics concerning pollution externalities, government taking of property, and land use management policies such as zoning.
Overall, the book is intended as an introduction to the economics and law of property rights. It is divided into six parts, with each featuring an introduction by the editors that integrates prior chapters and material in coming chapters. In the end, the book provides a fresh, comprehensive overview of an intriguing subject, accessible to anyone with a minimal background in economics. With chapters written by noted experts on the subject, Property Rights offers the first primer on the subject ever produced. In addition to the editors, the contributors are Louise De Alessi, Yoram Barzel, Harold Demsetz, Thráinn Eggertsson, Richard A. Epstein, William A. Fischel, David D. Haddock, Peter J. Hill, Gary D. Libecap, Dean Lueck, Edwin G. West, and Bruce Yandle.
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Persons
Terry L. Anderson is Executive Director of the Political Economy Research Center (PERC), Senior Fellow at the Hoover Institution, and Professor Emeritus at Montana State University. He is the author, coauthor, or editor of twenty-five books including Free Market Environmentalism, Revised Edition and Enviro-Capitalists. Fred S. McChesney teaches at Northwestern University, where he is Class of 1967/James B. Haddad Professor of Law and Professor in the Department of Management and Strategy in the Kellogg School of Management. He is the author of Money for Nothing and has written extensively on economics and law.
Content
- Cover
- Title Page
- Copyright Page
- Contents
- List of Figures and Tables
- Acknowledgments
- Introduction: The Economic Approach to Property Rights
- PART I: INTRODUCTION
- One Property Rights in the History of Economic Thought: From Locke to J. S. Mill
- Two Property Rights in the Firm
- PART II: INTRODUCTION
- Three Open Access versus Common Property
- Four Gains from Private Property: The Empirical Evidence
- PART III: INTRODUCTION
- Five The Evolution of Property Rights Terry
- Six Contracting for Property Rights
- Seven Force, Threat, Negotiation: The Private Enforcement of Rights
- PART IV: INTRODUCTION
- Eight First Possession as the Basis of Property
- Nine Government as Definer of Property Rights: Tragedy Exiting the Commons?
- PART V: INTRODUCTION
- Ten Property Rights or Externalities?
- Eleven Ownership and the Externality Problem
- PART VI: INTRODUCTION
- Twelve In and Out of Public Solution: The Hidden Perils of Forced and Unforced Property Transfer
- Thirteen Public Goods and Property Rights: Of Coase, Tiebout, and Just Compensation
- References
- Cases Cited
- About the Editors and Authors
- Index
