What is it about?
This paper discusses the interpretation of Coase theory of property rights (and transaction costs) by Benito Arrunada. It emphasizes the importance of intermediary institutional arrangements (identified as meso-institutions) in the implementation of property rights and as a major source of transaction costs.
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Why is it important?
Property rights is central to our understanding of market economies. hence the importance of their intyerpretation by economic theory.
Perspectives
Need for more research on property rights and their role (and limits) in the development of market economies
Claude Menard
Universite Paris I Pantheon-Sorbonne
Read the Original
This page is a summary of: What approach to property rights?, Journal of Institutional Economics, April 2017, Cambridge University Press,
DOI: 10.1017/s1744137417000145.
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