Economic Analysis of Property (Contemporary Economics)

Author: (USA) Y. Barzel, written by Fei Fangyu, translated by Duan Yicai
Publisher:
Publishing Date: 1997-06-01
Features: The concept of "property rights" often baffles economists, sometimes even leaving them confused, 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 and yet each finds satisfaction in their approach. The author offers 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 "teaching and learning mutually benefit each other," which has been highly beneficial to the writing of this book.