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Property rights, the Coase Theorem and informality

In: Research Handbook on Austrian Law and Economics

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  • Martín Krause

Abstract

Austrian economists have been ambivalent on the foundational contributions of Ronald Coase to modern law and economics. One side supported a Lockean natural rights view based on the property over one’s own body as a determinant of rights and considerations of justice. The other side supported a Coasean efficiency view, with a Hayekian evolutionary perspective. Our conclusion will be that both are found in informal slums, but informal solutions of disputes among neighbors generally follow a “rights†approach and do not intentionally look for efficiency.

Suggested Citation

  • Martín Krause, 2017. "Property rights, the Coase Theorem and informality," Chapters, in: Todd J. Zywicki & Peter J. Boettke (ed.), Research Handbook on Austrian Law and Economics, chapter 2, pages 29-45, Edward Elgar Publishing.
    • Handle: RePEc:elg:eechap:13939_2
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    Economics and Finance; Law - Academic;

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