Publication:
Introduction to Property Theory : The Fundamental Theorems

dc.contributor.author Ellerman, David
dc.date.accessioned 2014-08-20T19:23:44Z
dc.date.available 2014-08-20T19:23:44Z
dc.date.issued 2001-10
dc.description.abstract The 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.identifier http://documents.worldbank.org/curated/en/2001/10/1614961/introduction-property-theory-fundamental-theorems
dc.identifier.uri http://hdl.handle.net/10986/19510
dc.language English
dc.language.iso en_US
dc.publisher World Bank, Washington, DC
dc.relation.ispartofseries Policy Research Working Paper;No. 2692
dc.rights CC BY 3.0 IGO
dc.rights.uri http://creativecommons.org/licenses/by/3.0/igo/
dc.subject PROPERTY LAW
dc.subject PROPERTY RIGHTS
dc.subject THEORETICAL MATHEMATICS
dc.subject MARKET BASED MECHANISMS
dc.subject TRANSITION ECONOMIES
dc.subject DEVELOPING COUNTRIES
dc.subject PRICE POLICY
dc.subject COMPETITION IMPERFECT
dc.subject CONTRACT NEGOTIATION
dc.subject ECONOMIC LAW
dc.subject INSTITUTIONAL ECONOMICS
dc.subject JURISPRUDENCE
dc.subject TRANSACTION COSTS
dc.subject COMPETITIVE EQUILIBRIUM
dc.subject PARETO OPTIMUM ACCOUNTING
dc.subject ALLOCATIVE EFFICIENCY
dc.subject AUTONOMY
dc.subject BONDS
dc.subject CLEARING HOUSE
dc.subject COMPETITIVE MARKETS
dc.subject CONSUMERS
dc.subject DAMAGES
dc.subject DECENTRALIZED DECISIONS
dc.subject DEVELOPMENT ECONOMICS
dc.subject DISEQUILIBRIUM
dc.subject ECONOMIC ANALYSIS
dc.subject ECONOMIC LIFE
dc.subject ECONOMIC MOTIVATION
dc.subject ECONOMIC THEORY
dc.subject EQUILIBRIUM
dc.subject EXCESS SUPPLY
dc.subject EXTERNALITIES
dc.subject INVENTORIES
dc.subject INVENTORY
dc.subject LAWS
dc.subject LEGAL FRAMEWORK
dc.subject MARKET MECHANISM
dc.subject OPTIMIZATION
dc.subject POINTS
dc.subject PRICE THEORY
dc.subject PRIVATE GOODS
dc.subject PRIVATE PROPERTY
dc.subject PRODUCERS
dc.subject PROPERTY RIGHTS
dc.subject TRANSACTIONS COSTS
dc.subject TRANSITION ECONOMIES
dc.subject VALUATION
dc.subject WEALTH
dc.subject WELFARE ECONOMICS
dc.subject WELFARE FUNCTION
dc.subject PARETO OPTIMUM
dc.subject ACCOUNTING
dc.title Introduction to Property Theory : The Fundamental Theorems en
dspace.entity.type Publication
okr.crosscuttingsolutionarea Jobs
okr.date.disclosure 2001-10-31
okr.doctype Publications & Research :: Policy Research Working Paper
okr.doctype Publications & Research
okr.docurl http://documents.worldbank.org/curated/en/2001/10/1614961/introduction-property-theory-fundamental-theorems
okr.globalpractice Social, Urban, Rural and Resilience
okr.globalpractice Social Protection and Labor
okr.globalpractice Finance and Markets
okr.identifier.doi 10.1596/1813-9450-2692
okr.identifier.externaldocumentum 000094946_01102704193262
okr.identifier.internaldocumentum 1614961
okr.identifier.report WPS2692
okr.language.supported en
okr.pdfurl http://www-wds.worldbank.org/external/default/WDSContentServer/WDSP/IB/2001/11/10/000094946_01102704193262/Rendered/PDF/multi0page.pdf en
okr.topic Economic Theory and Research
okr.topic Banks and Banking Reform
okr.topic Urban Development :: Municipal Housing and Land
okr.topic Environmental Economics and Policies
okr.topic Private Sector Development :: Land and Real Estate Development
okr.topic Social Protections and Labor :: Labor Policies
okr.topic Finance and Financial Sector Development
okr.unit Office of the Senior Vice President, Development Economics (DECVP)
okr.volume 1
relation.isSeriesOfPublication 26e071dc-b0bf-409c-b982-df2970295c87
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