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Property as complex interaction

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  • SMITH, HENRY E.

Abstract

In his important article, Benito Arruñada draws out the significance of sequential exchange for property rights and traces inadequacies in the economics of property rights to its overly contractual focus, to the exclusion of multiple transactions on the same asset. In this comment, I argue that although Arruñada's problem is a genuine one, it is part of a larger inadequacy in the economic analysis of property rights: property institutions have to manage complexity stemming from many kinds of interactions, making it problematic to focus solely on local interactions. Modular structures in property, including legal ‘things’ themselves, serve to manage this complexity. The larger problem of complexity allows us to set sequential exchange in its proper context.

Suggested Citation

  • Smith, Henry E., 2017. "Property as complex interaction," Journal of Institutional Economics, Cambridge University Press, vol. 13(4), pages 809-814, December.
    • Handle: RePEc:cup:jinsec:v:13:y:2017:i:04:p:809-814_00
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    Cited by:

    1. Rossi, Enrico, 2020. "Reconsidering the dual nature of property rights: personal property and capital in the law and economics of property rights," LSE Research Online Documents on Economics 105840, London School of Economics and Political Science, LSE Library.
    2. Arruñada, Benito, 2017. "How should we model property? Thinking with my critics," Journal of Institutional Economics, Cambridge University Press, vol. 13(4), pages 815-827, December.
    3. Arruñada, Benito, 2018. "Evolving practice in land demarcation," Land Use Policy, Elsevier, vol. 77(C), pages 661-675.

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