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Might Makes Rights: A Theory of the Formation and Initial Distribution of Property Rights

In: The Economic Foundations of Property Rights

Author

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  • John Umbeck

Abstract

Property rights formalize the relationship between individuals and goods. They form the cornerstone of the pricing, supply and efficient allocation of scarce resources between individuals. The Economic Foundations of Property Rights is an outstanding collection of some of the most important work from the founders of the field, including James M. Buchanan, Douglass C. North, Richard Posner, Armen Alchian, Lord Peter Bauer and Karl Brunner.

Suggested Citation

  • John Umbeck, 1997. "Might Makes Rights: A Theory of the Formation and Initial Distribution of Property Rights," Chapters, in: Svetozar Pejovich (ed.), The Economic Foundations of Property Rights, chapter 9, pages 122-144, Edward Elgar Publishing.
    • Handle: RePEc:elg:eechap:1205_9
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