Economic Analysis of Property Rights - Contemporary Economics Translation Library

Author: (USA) Y. Barzel, written by Fei Fangyu, translated by Duan Yicai
Publisher:
Publish Date: 1997-06-01
Features: The concept of "property rights" often baffles economists, sometimes even leaving them confused, as if only lawyers are qualified to explain it. However, the habit of "the world's heroes, none but me" compels economists to persist in proposing their own interpretations. These two types of scholars take what they need from the meaning of property rights, yet each finds satisfaction in their approach. The author provides a definition of "property rights" and strives to clarify its meaning, explaining why this definition is suitable for economic analysis. The content of this book is based on the author's fundamental views from recent years of teaching, namely that the theory of zero transaction costs is problematic. Undergraduates remain indifferent to this, while graduate students often stubbornly debate with the author. But this perfectly reflects the principle of "mutual learning in teaching," which has been highly beneficial to the writing of this book.