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Introduction to Property Theory : The Fundamental Theorems

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dc.contributor.authorEllerman, David
dc.date.accessioned2014-08-20T19:23:44Z
dc.date.available2014-08-20T19:23:44Z
dc.date.issued2001-10
dc.description.abstractThe market system consists of a price mechanism, built on the foundation of a system of property, and contract. In many developing, and transition economies, the market system functions poorly. In many cases, if not most, the malfunctioning is not simply in the price system (for example, anti-competitive activities), but in the underlying property system (such as contracts being breached, and externalities in the sense of transfers not covered by contracts). Economic theory tends to take the functioning of the system of property, and contract for granted, and focuses on the operation of the price mechanism. Property theory focuses on the underlying system of property, and contract. In this paper, the author inaugurates the mathematical treatment of property theory. In contrast with earlier work in "law and economics", and the "new institutional economics", this approach uses principles drawn from jurisprudence, and does not attempt to reduce "law" to "economics" in the sense of efficiency considerations, such as the minimization of transaction costs. The main results are the two fundamental theorems of property theory that are analogous to the two fundamental theorems of price theory that, in essence, state that: 1) A competitive equilibrium is Pareto optimal. 2) Given a Pareto optimal state, there exists a set of prices such, that a competitive equilibrium at those prices would realize that Pareto optimal state.en
dc.identifierhttp://documents.worldbank.org/curated/en/2001/10/1614961/introduction-property-theory-fundamental-theorems
dc.identifier.doi10.1596/1813-9450-2692
dc.identifier.urihttps://hdl.handle.net/10986/19510
dc.languageEnglish
dc.language.isoen_US
dc.publisherWorld Bank, Washington, DC
dc.relation.ispartofseriesPolicy Research Working Paper;No. 2692
dc.rightsCC BY 3.0 IGO
dc.rights.urihttp://creativecommons.org/licenses/by/3.0/igo/
dc.subjectPROPERTY LAW
dc.subjectPROPERTY RIGHTS
dc.subjectTHEORETICAL MATHEMATICS
dc.subjectMARKET BASED MECHANISMS
dc.subjectTRANSITION ECONOMIES
dc.subjectDEVELOPING COUNTRIES
dc.subjectPRICE POLICY
dc.subjectCOMPETITION IMPERFECT
dc.subjectCONTRACT NEGOTIATION
dc.subjectECONOMIC LAW
dc.subjectINSTITUTIONAL ECONOMICS
dc.subjectJURISPRUDENCE
dc.subjectTRANSACTION COSTS
dc.subjectCOMPETITIVE EQUILIBRIUM
dc.subjectPARETO OPTIMUM ACCOUNTING
dc.subjectALLOCATIVE EFFICIENCY
dc.subjectAUTONOMY
dc.subjectBONDS
dc.subjectCLEARING HOUSE
dc.subjectCOMPETITIVE MARKETS
dc.subjectCONSUMERS
dc.subjectDAMAGES
dc.subjectDECENTRALIZED DECISIONS
dc.subjectDEVELOPMENT ECONOMICS
dc.subjectDISEQUILIBRIUM
dc.subjectECONOMIC ANALYSIS
dc.subjectECONOMIC LIFE
dc.subjectECONOMIC MOTIVATION
dc.subjectECONOMIC THEORY
dc.subjectEQUILIBRIUM
dc.subjectEXCESS SUPPLY
dc.subjectEXTERNALITIES
dc.subjectINVENTORIES
dc.subjectINVENTORY
dc.subjectLAWS
dc.subjectLEGAL FRAMEWORK
dc.subjectMARKET MECHANISM
dc.subjectOPTIMIZATION
dc.subjectPOINTS
dc.subjectPRICE THEORY
dc.subjectPRIVATE GOODS
dc.subjectPRIVATE PROPERTY
dc.subjectPRODUCERS
dc.subjectPROPERTY RIGHTS
dc.subjectTRANSACTIONS COSTS
dc.subjectTRANSITION ECONOMIES
dc.subjectVALUATION
dc.subjectWEALTH
dc.subjectWELFARE ECONOMICS
dc.subjectWELFARE FUNCTION
dc.subjectPARETO OPTIMUM
dc.subjectACCOUNTING
dc.titleIntroduction to Property Theory : The Fundamental Theoremsen
dspace.entity.typePublication
okr.crosscuttingsolutionareaJobs
okr.crossref.titleIntroduction to Property Theory: The Fundamental Theorems
okr.date.disclosure2001-10-31
okr.date.doiregistration2025-04-10T09:25:06.598525Z
okr.doctypePublications & Research::Policy Research Working Paper
okr.doctypePublications & Research
okr.docurlhttp://documents.worldbank.org/curated/en/2001/10/1614961/introduction-property-theory-fundamental-theorems
okr.globalpracticeSocial, Urban, Rural and Resilience
okr.globalpracticeSocial Protection and Labor
okr.globalpracticeFinance and Markets
okr.guid186991468739153539
okr.identifier.doi10.1596/1813-9450-2692
okr.identifier.externaldocumentum000094946_01102704193262
okr.identifier.internaldocumentum1614961
okr.identifier.reportWPS2692
okr.language.supporteden
okr.pdfurlhttp://www-wds.worldbank.org/external/default/WDSContentServer/WDSP/IB/2001/11/10/000094946_01102704193262/Rendered/PDF/multi0page.pdfen
okr.topicEconomic Theory and Research
okr.topicBanks and Banking Reform
okr.topicUrban Development::Municipal Housing and Land
okr.topicEnvironmental Economics and Policies
okr.topicPrivate Sector Development::Land and Real Estate Development
okr.topicSocial Protections and Labor::Labor Policies
okr.topicFinance and Financial Sector Development
okr.unitOffice of the Senior Vice President, Development Economics (DECVP)
okr.volume1
relation.isSeriesOfPublication26e071dc-b0bf-409c-b982-df2970295c87
relation.isSeriesOfPublication.latestForDiscovery26e071dc-b0bf-409c-b982-df2970295c87
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