Property rights formalize the relationship between individuals and goods. They form the cornerstone of the pricing, supply and efficient allocation of scarce resources between individuals.The Economic Foundations of Property Rights is an outstanding collection of some of the most important work from the founders of the field, including James M. Buchanan, Douglass C. North, Richard Posner, Armen Alchian, Lord Peter Bauer and Karl Brunner. It addresses the development of property rights, the effects of property rights on the allocation of resources and the link between alternative property rights and the production of wealth. Specifically, the authors consider the issues of democracy, law, transaction costs, the economics of exchange and the valuation of assets. The discussion considers property rights in the context of developing countries and transition economies as well as developed market systems. This comprehensive new source book will be welcomed by economists, particularly those interested in law and economics, as well as political scientists and those interested in public choice theory.

Capitalism has outperformed all other systems and maintained a positive growth rate since it began. Svetozar Pejovich makes the case within this book that a major reason for the success of capitalism lies in the efficiency-friendly incentives of its basic institutions, which continuously adjust the rules of the game to the requirements of economic progress. The analysis throughout is consistent and is supported by evidence. Key components of the proposed theory are the rule of law, the market for institutions, the interaction thesis, the carriers of change, and the process of changing formal and informal institutions. This book will be of great interest to academics and students of law and economics, new institutional economics, comparative systems and public choice throughout the world and especially in East Asia and South America where institutional issues are being debated.

This authoritative collection presents the most important published articles on the cultural, legal, philosophical and economic dimensions of property rights. It shows how the economics of property rights has enriched our ability to understand as well as to predict a wide range of real world events. This first volume focuses on the history, development and consequences of property rights as they interact with formal and informal institutions. The second volume considers the effects of alternative property rights on economic performance. This important two-volume collection will be an essential source of reference for both economists and political scientists concerned with property rights.

Capitalism has outperformed all other systems and maintained a positive growth rate since it began. Svetozar Pejovich makes the case within this book that a major reason for the success of capitalism lies in the efficiency-friendly incentives of its basic institutions, which continuously adjust the rules of the game to the requirements of economic progress. The analysis throughout is consistent and is supported by evidence. Key components of the proposed theory are the rule of law, the market for institutions, the interaction thesis, the carriers of change, and the process of changing formal and informal institutions. This book will be of great interest to academics and students of law and economics, new institutional economics, comparative systems and public choice throughout the world and especially in East Asia and South America where institutional issues are being debated.