Format:
1 Online-Ressource (xvii, 277 Seiten) :
,
Illustrationen.
Edition:
Third edition
ISBN:
978-1-00-937471-2
Series Statement:
Political economy of institutions and decisions
Content:
The standard neoclassical model of economics is incapable of explaining why one form of organisation arises over another. It is a model where transaction costs are implicitly assumed to not exist; however, transaction costs are here defined as the costs of strengthening a given distribution of economic property rights, and they always exist. This book presents a study of how individuals organise resources to maximise the value of their economic rights over these resources. It offers a unified theoretical structure to deal with exchange, rights formation, and organisation that traditional economic theory often ignores. It explains how transaction costs can be reduced through reorganisation and, in the end, how the distribution of property rights that exists is the one that maximises wealth net of these transaction costs.
Note:
Also issued in print: 2023. - Previous edition: published as by Yoram Barzel. 1997. - Includes bibliographical references and index. - Description based on online resource; title from PDF title page (viewed on September 6, 2023)
Additional Edition:
Erscheint auch als Druck-Ausgabe, Hardcover ISBN 978-1-009-37473-6
Additional Edition:
Erscheint auch als Druck-Ausgabe, Paperback ISBN 978-1-009-37472-9
Language:
English
Subjects:
Economics
DOI:
10.1017/9781009374712
URL:
https://doi.org/10.1017/9781009374712
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