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result, the scale of hunting activity rose sharply. Both consequences must have increased considerably the benefits associated with free hunting. The property rights system began to change, and it required to take account of the economic effects made important by the fur trade. The geographical or distributional evidence...indicates an unmistakable correlation between early centers of fur trade and the oldest and most complete development of the private hunting territory. (H. Demsetz, "Toward a Theory of Property Rights," American Economic Journal. 57, 1967, p. 352) If the prevailing institutional structures are poorly attuned to circumstances and fail to embrace such contracts, utility-seeking individuals will generate spontaneous pressure to modify the rules of the game in order to embrace the novelty. These gradual, evolutionary changes in the prevailing institutional arrangements are adjustments in the rules of the game made in order to adapt the system to changes in the set of social choices. For example, the resumption of population growth in fourteenth-century Europe brought about an increase in the value of land relative to labor. The benefits from the right of ownership in

Who reads The Economics of Property Rights: Towards a Theory of Comparative Systems (International Studies in Economics and Econometrics)?

Author

Svetozar Pejovich (auth.)

Publisher

Springer Netherlands

Published

1990

Language

EN

ISBN

9780585285573

Category

nonfiction

Subjects

Political Science, Business, Economics