Armen A. Alchian, American economist whose teachings countered some of the popular economic theories of the late 20th century, such as those regarding labour costs or the implications of property ownership. 57, No. Literature Review: Property Rights Effendy Juraimin California State University, Hayward When we say we own scarce resources, such as land and houses, do we really own the resources? Property rights can be viewed as an attribute of an economic good. The prices they confront in the market society guide them in their exchange and production decisions. Demsetz: Toward a theory of property rights (5 shared tags) Stevens: The economics of collective choice (4 shared tags) Tiebout: A pure theory of local expenditures (3 shared tags) Tweet. Can we use the land to plant opium or turn a house into a loud recording studio? The property rights in operation provide a structure of incentives to which individuals respond. 2, Papers and Proceedings of the Seventy-ninth Annual Meeting of the American Economic Association. From Armen A. Alchian’s “Property Rights” in “The Concise Encyclopedia of Economics” (2008): One of the most fundamental requirements of a capitalist economic system—and one of the most misunderstood concepts—is a strong system of property rights.
Armen Alchian – one of history’s greatest economists – discusses, in this video from 2000, one of the many areas in which he made several signature contributions: property rights. About the Author Armen A. Alchian is an emeritus professor of economics at the University of California, Los Angeles. Filed under Reading Assignment 3: Alchian , Reading Assignments In “Some Economics of Property Rights,” Alchian takes the Coase Theorem and runs with it, devising a theory of property rights based on the transferability of ownership. Alchian, particularly with Demsetz, began the analysis of property rights not only what property rights do but how they evolve with […] In 1946 he (1936) and a Ph.D. (1943). His 1950 paper Uncertainty, Evolution and Economic Theory applied basic insights from evolutionary theory to suggest new approaches to economic ideas.
Alchian and Demsetz (1973) argue that what Armen Alchian has died. Alchian studied at Stanford University, earning a B.A. Profits lure individuals, and losses discipline them in their decisions. Property rights are theoretical socially-enforced constructs in economics for determining how a resource or economic good is used and owned. I. That is a fundamental reason for preference of a system of strong private property rights: private property rights protect individual liberty. You legal scholars should be impressed that the first book Alchian mentions, and on which he heaps praise, is Frederick Pollock’s and F.W. Assumption: Conflicts of interests can only be resolved, not eliminated, by competition II. Alchian and Demsetz: Production, information costs, and economic organization; Demsetz: Toward a theory of property rights; Research on similar subjects. Alchian, Some Economics of Property Rights. Toward a Theory of Property Rights Harold Demsetz The American Economic Review, Vol.