On the primacy of economic property rights

Douglas W. Allen

Journal of Institutional Economics, 2023, vol. 19, issue 2, 272-275

Abstract: Bart Wilson suggests that economists interested in property rights have it all backwards when they define ownership as a bundle of rights. Rather he argues that ownership comes first in the form of an abstract concept. I claim there is a small element of truth to this, but the bulk of what he argues is already understood through the concept of economic property rights. Wilson's consternation is mostly the result of a failure to appreciate this latter concept.

Date: 2023
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