Economic Analysis of Property Rights (Political Economy of Institutions and Decisions) Review

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Economic Analysis of Property Rights (Political Economy of Institutions and Decisions) ReviewThis book is written from the neoclassical perspective and takes a sensible and thoughtful approach to property rights. This book provides the reader insight into how property rights define how society organizes itself. Building on Public Choice Theory, Barzel explores how property rights are delineated in many situations, addressing head on the Tragedy of the Commons.
For any study of law and economics this is a must read. But the reader must be cautioned that this is not an Economics 101 book. A solid grounding in the writings of Buchanan, Tullock, Arrow, Ostrum, Coase, and Olson are what is required to make this a comprehensible read.Economic Analysis of Property Rights (Political Economy of Institutions and Decisions) OverviewThis study offers a unified theoretical structure to analyze exchange, formation of economic rights, and organization. The cost of measuring accurately all assets' attributes is prohibitive.Therefore, rights are never fully delineated and others (using theft, adverse selection, free riding, and shirking) may appropriate one's assets.The central question is how people allocate resources and organize their activities to maximize the value of their rights.The approach emphasizes nonmarket constraints, but is also applicable to market economies.It is useful for analyzing allocations within organizations as well as allocation by voting and charity.Chapters have been extended for this second edition and a new chapter devoted to the firm has been added.

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