The comprehensive agrarian reform program and Coase theorem
AbstractThe prohibition of the sale or usufruct of land under the Comprehensive Agrarian Reform Law has, in effect, destroyed the legal rural land market and, in its wake, the legal rural credit market. These markets have gone underground resulting in very high transactions cost and threatened bankruptcy to farmers. Section 27 of CARL contravenes an efficiency result in economics called the Coase theorem. Reforms suggested are analyzed in light of this theorem.
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Bibliographic InfoArticle provided by University of the Philippines School of Economics and Philippine Economic Society in its journal Philippine Review of Economics.
Volume (Year): 40 (2003)
Issue (Month): 1 (June)
Agrarian reform; Coase theorem; land markets;
Find related papers by JEL classification:
- O12 - Economic Development, Technological Change, and Growth - - Economic Development - - - Microeconomic Analyses of Economic Development
- P48 - Economic Systems - - Other Economic Systems - - - Political Economy; Legal Institutions; Property Rights; Natural Resources; Energy; Environment; Regional Studies
- D23 - Microeconomics - - Production and Organizations - - - Organizational Behavior; Transaction Costs; Property Rights
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