Economics and Property Law
Affiliation
Department of Agricultural and Resource Economics, The University of ArizonaIssue Date
2006-08Metadata
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Lueck, Dean. (2006). Economics and Property Law. Cardon Research Papers in Agricultural and Resource Economics (Working Papers Series) 2006-06. The Department of Agricultural and Resource Economics, The University of Arizona.Description
Working paper. Prepared for: S. N. Durlauf and L. E. Blume, The New Palgrave Dictionary of Economics, forthcoming, Palgrave Macmillan, reproduced with permission of Palgrave Macmillan. This article is taken from the author’s original manuscript and has not been reviewed or edited. The definitive published version of this extract may be found in the complete New Palgrave Dictionary of Economics in print and online, forthcoming.Abstract
This essay shows how the economics of property rights can be used to understand fundamental features of property law and related extra-legal institutions. It examines both the rationale for legal doctrine and the effects of legal doctrine regarding the exercise, enforcement, and transfer of rights. It also examines various property rights regimes including open access, private ownership, common property, and state property. Property law is understood as a system of societal rules designed to create incentives for people to maintain and invest in assets, which in turn leads to specialization and trade.Type
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