Property Rights: Cooperation, Conflict, and Law / Edition 1

Property Rights: Cooperation, Conflict, and Law / Edition 1

by Terry L. Anderson
     
 

ISBN-10: 0691099987

ISBN-13: 9780691099989

Pub. Date: 11/18/2002

Publisher: Princeton University Press

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

Overview

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.

Product Details

ISBN-13:
9780691099989
Publisher:
Princeton University Press
Publication date:
11/18/2002
Edition description:
New Edition
Pages:
448
Product dimensions:
6.00(w) x 9.10(h) x 1.00(d)

Table of Contents

List 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

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