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Coasian and modern property rights economics

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  • FOSS, KIRSTEN
  • FOSS, NICOLAI

Abstract

Laying the foundations of property rights economics stands out among Ronald Coase's many seminal contributions. This approach had an impact on a number of fields in economics in, particularly, the 1960s and 1970s. The modern body of property rights economics mainly originates in the work Oliver Hart and is quite different in style, scope, and implications from the original property rights economics of Coase, Demsetz, Alchian, Cheung, Umbeck, Barzel, etc. Based on our earlier work on the subject (Foss and Foss, 2001), we argue that the change from Mark I to Mark II property rights economics led to a substantial narrowing of the scope of property rights economics, somewhat akin to a Kuhnian loss of content. In particular, Mark II property rights economics make strong assumptions concerning the definition and enforcement of ownership rights made which lead to many real life institutions and governance arrangements being excluded from consideration, and a much more narrow focus than that of the rich institutional research program initiated by Coase and his followers.

Suggested Citation

  • Foss, Kirsten & Foss, Nicolai, 2015. "Coasian and modern property rights economics," Journal of Institutional Economics, Cambridge University Press, vol. 11(2), pages 391-411, June.
    • Handle: RePEc:cup:jinsec:v:11:y:2015:i:02:p:391-411_00
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    Cited by:

    1. Cristian Luise & Peter J. Buckley & Hinrich Voss & Emmanuella Plakoyiannaki & Elisa Barbieri, 2022. "A bargaining and property rights perspective on the Belt and Road Initiative: Cases from the Italian port system," Journal of International Business Policy, Palgrave Macmillan, vol. 5(2), pages 172-193, June.
    2. Pietri, Antoine, 2015. "« Propriété » ou « possession » : une question de sémantique…ou de paradigme ? [“Property” or “possession”: just a matter of semantics…or paradigm?]," MPRA Paper 67096, University Library of Munich, Germany.
    3. Xavier Hollandts & Bertrand Valiorgue, 2019. "La gouvernance de médiation comme réponse aux impasses conceptuelles et pratiques de la gouvernance actionnariale," Post-Print hal-03041045, HAL.
    4. Cristian Luise & Peter J. Buckley & Hinrich Voss & Emmanuella Plakoyiannaki & Elisa Barbieri, 2021. "The Role of Local Actors in the Implementation of the Belt and Road Initiative: the Example of the Italian Port System," Working Papers 07, Department of Management, Università Ca' Foscari Venezia.

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