Economic Analysis of Property Rights

Author: (USA) Y. Barzel, written by Fei Fangyu and Duan Yicai
Publisher:
Publish Date: 1997-06-01
Features: The concept of "property rights" often confuses economists, sometimes even leaving them bewildered, as if only legal scholars are qualified to explain it. However, the habit of "the world's heroes, none but me" compels economists to propose their own interpretations. These two types of scholars take what they need from the meaning of property rights, yet each finds their own satisfaction. 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 viewpoints from recent years of teaching, that is, 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 role of "mutual learning in teaching," which has been highly beneficial to the writing of this book.