The theory of property rights

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The theory of property rights or the economics of property rights - one of the institutional neo-classical trends, initiated in the 1970s. by Armand A. Alchian and Harold Demset.

Property rights emphasize the importance of individual and transferable property rights for efficient allocation of resources in the economy. In the theory of property rights it is assumed that property rights allow to limit the range of non-economic relations, ie those that are uncoordinated by the market, which means that these rights are a way of intrinsic external effects.

Other Institutional Flows of Neoclassical Economics:

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