The Meaning of Property 'Rights': Law vs. Economics?
Forthcoming in Land Economics
Posted: 21 Jun 2002
Property rights are fundamental in economic theory. There is, however, no consensus in the economic literature about what property rights are. Economists define property rights variously and, sometimes, in ways that conflict with the conventional understandings of legal scholars and judges. This article explores several divergent economic conceptions of property rights. These conceptions promote interdisciplinary confusion and, most importantly from the perspective of economic theory, they pre-ordain suboptimal economic outcomes.
Note: This is a description of the paper and is not the actual abstract.
JEL Classification: K11, A12, D23, Q15
Suggested Citation: Suggested Citation