Abstract:What are property rights? The term "property rights" carries two distinct meanings in the economic literature. One, primarily developed by Alchian (1965, 1987) and Cheung (1969), is essentially the ab...What are property rights? The term "property rights" carries two distinct meanings in the economic literature. One, primarily developed by Alchian (1965, 1987) and Cheung (1969), is essentially the ability to enjoy a piece of property. The other, much more prevalent and much older, is essentially what the state assigns to a person. I designate the first "economic (property) rights" and the second "legal (property) rights." Economic rights are the end (that is, what people ultimately seek), whereas legal rights are the means to achieve the end. In this book I am concerned primarily with economic rights. Legal rights play a primarily supporting role – a very prominent one, however, for they are easier to observe than economic rights.Read More
Publication Year: 1997
Publication Date: 1997-04-13
Language: en
Type: book-chapter
Indexed In: ['crossref']
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Cited By Count: 3
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