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Mid term review 332

Mid term review 332 - Introduction Econ 332 Spring 2011...

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1 Introduction Econ 332 Spring 2011 Harrison Cheng
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Property Rights Possessory rights: use right, renters’ rights, workers’ right of using company’s resources, preventing other’s use of the property Rights of Transfer
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Justifications of property rights 1. Incentive to work (the principal agent model) 2. Incentive to maintain and improve things 3. Incentive to make transfers 4. Avoid conflict (say between miners during the Gold Rush of California) 5. Protection against risk (allowing risk sharing through insurance)
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6. Equity issues in Income distribution 7. Justification of private property: Schlater (1951), Private Property, the history of of idea, London, Allen and Unwin Heilbroner (1987), Capitalism, Palgrave Dictionary Kowalik (1987), Central Planning, Palgrave Dictionary Shleifer (1998), State versus Private Ownership, Journal of Economic Perspectives
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Emergence of Property Rights Land rights in California Gold Rush Property rights in socialist countries Right of buying property in a foreign country
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