Foundations of Law and Economics
Toward a Theory of Property Rights
Harold Demsetz
- Year
- 1967
- Venue
- American Economic Review
- Level
- Intermediate
Summary
Explains property rights as social instruments that help internalize externalities when the gains from defining and enforcing rights exceed the relevant costs. The paper connects resource values, technological change, exclusion costs, and institutional evolution, making property law central to economic organization.
Citation
Harold Demsetz. "Toward a Theory of Property Rights." American Economic Review, 1967.
BibTeX
@article{Demsetz1967Toward,
title = {Toward a Theory of Property Rights},
author = {Harold Demsetz},
year = {1967},
journal = {American Economic Review},
url = {https://www.jstor.org/stable/1821637}
}