Abstract
Property rights have become fundamental in economic analysis. Given their importance, it might be expected that there would be some consensus in the economics literature about the meaning of property rights. But no such consensus appears to exist. Economists define property rights in various and inconsistent ways, some of which diverge significantly from the conventional understandings of legal scholars and judges. This paper explores ways in which definitions of property rights in the economic literture diverge from conventional legal understandings, and how those divergences can create inter-disciplinary confusion and bias economic analyses. Indeed, some economists' idiosyncratic definitions of property rights, if used to guide policy, could lead to suboptimal economic outcomes.
Sign-in/Register to access full text options 
Talk to us
Join us for a 30 min session where you can share your feedback and ask us any queries you have
Schedule a callDisclaimer: All third-party content on this website/platform is and will remain the property of their respective owners and is provided on "as is" basis without any warranties, express or implied. Use of third-party content does not indicate any affiliation, sponsorship with or endorsement by them. Any references to third-party content is to identify the corresponding services and shall be considered fair use under The CopyrightLaw.
