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What are ‘property rights’, and why do they matter? A comment on Hodgson's article

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  • BARZEL, YORAM

Abstract

This comment divides ‘property rights’ into ‘legal rights’ and ‘economic rights’ in order to distinguish between two very different concepts that are often confounded in the literature. Because of transaction costs, neither kind of rights is ever complete. These are useful in economic analysis as maximizing individuals constantly expand and shrink them. Unlike Hodgson’s, both notions of rights adopted here are positive, useful in analyzing behavior, and not normative as Hodgson (2015) claims them to be. As used by me, they do not devalue property rights as Hodgson claims.

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  • Barzel, Yoram, 2015. "What are ‘property rights’, and why do they matter? A comment on Hodgson's article," Journal of Institutional Economics, Cambridge University Press, vol. 11(4), pages 719-723, December.
    • Handle: RePEc:cup:jinsec:v:11:y:2015:i:04:p:719-723_00
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    Cited by:

    1. Rossi, Enrico, 2020. "Reconsidering the dual nature of property rights: personal property and capital in the law and economics of property rights," LSE Research Online Documents on Economics 105840, London School of Economics and Political Science, LSE Library.
    2. Piano, Ennio E. & Rouanet, Louis, 2020. "Desertion as theft," Journal of Institutional Economics, Cambridge University Press, vol. 16(2), pages 169-183, April.
    3. Ugo Pagano, 2016. "Property, Possession and Knowledge," Department of Economics University of Siena 744, Department of Economics, University of Siena.
    4. Ephraim Kabunda Munshifwa & Wilson Ngoma & Ikugile Makenja, 2017. "Major Determinant of Physical Development on Urban Residential Land: The Case of Kalulushi Municipality in Zambia," International Journal of Social Science Studies, Redfame publishing, vol. 5(6), pages 79-89, June.
    5. Mehrdad Vahabi, 2016. "A positive theory of the predatory state," Public Choice, Springer, vol. 168(3), pages 153-175, September.
    6. James Rycroft & John M. Luiz, 2018. "Homelessness, Property Rights, and Institutional Logics," Working Papers 750, Economic Research Southern Africa.
    7. Chris Garbers & Guangling Dave Liu, 2017. "Macroprudential policy and foreign interest rate shocks: A comparison of different instruments and regulatory regimes," Working Papers 719, Economic Research Southern Africa.
    8. Candela, Rosolino A. & Piano, Ennio E., 2020. "The Art and Science of Economic Explanation: Introduction to the Special Issue in Honor of Yoram Barzel," Journal of Institutional Economics, Cambridge University Press, vol. 16(2), pages 119-126, April.
    9. Candela, Rosolino A., 2020. "The political economy of insecure property rights: insights from the Kingdom of Sicily," Journal of Institutional Economics, Cambridge University Press, vol. 16(2), pages 233-249, April.
    10. Hu, Xinyan & Su, Keyu & Chen, Wenhui & Yao, Siqi & Zhang, Lu, 2021. "Examining the impact of land consolidation titling policy on farmers’ fertiliser use: Evidence from a quasi-natural experiment in China," Land Use Policy, Elsevier, vol. 109(C).

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