Abstract
A study examines the importance of private property rights for economic growth, particularly with reference to variation of incomes in rural China between 1979 and 1987. Results suggest that economic growth in rural China between 1979 and 1987 is totally explained by increased efficiency in specifying and enforcing property rights, by its effects on both economic organisation, through division of labour, and on the ability of buyers and sellers to respond to relative price changes, which increases as transaction costs fall.
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