The Meaning of Property Rights: Law versus Economics?
AbstractProperty rights are fundamental to economic analysis. There is, however, no consensus in the economic literature about what property rights are. Economists define them variously and inconsistently, sometimes in ways that deviate from the conventional understandings of legal scholars and judges. This article explores ways in which definitions of property rights in the economic literature diverge from conventional legal understandings, and how those divergences can create interdisciplinary confusion and bias economic analyses. Indeed, some economists’ idiosyncratic definitions of property rights, if used to guide policy, could lead to suboptimal economic outcomes.
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Bibliographic InfoArticle provided by University of Wisconsin Press in its journal Land Economics.
Volume (Year): 78 (2002)
Issue (Month): 3 ()
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Find related papers by JEL classification:
- K11 - Law and Economics - - Basic Areas of Law - - - Property Law
- Q15 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Agriculture - - - Land Ownership and Tenure; Land Reform; Land Use; Irrigation; Agriculture and Environment
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