ECON2120 Lecture Notes - Lecture 3: David D. Friedman, The Economic Journal, Rent-Seeking
Law and Economics (ECON 2120, 2139 & 8047) 2017
Lecture outline and reading list
Topic 3 Property (Weeks 4-6)
The starred readings are required, the rest are supplemental (recommended background for lectures
and tutorials).
Property rights
The role of property rights
Features of property rights
Insecure property rights: the economics of theft
Rent-seeking
Types of property – private and common
Incentive effects of different property right arrangements: an example
Open access common property
The tragedy of the commons
Other problems with open access property
Communal property
Private property
Government owned property
The anti-commons
Tullock, Gordon, The Welfare Costs of Tariffs, Monopolies, and Theft , Western Economic
Journal, 5:3 (1967:June) p.224-28, *228-232
*Friedman, David D. Law’s Order 2000. What’s Wrong with the World Ch.3. pp.32-35 Rent seeking
*Alchian, A. and W. Allen Exchange and Production: Competition, Coordination and Control
(1977) 2nd edition, ch.9, pp.201-09.
Silberberg, E. and W. Suen. The Structure of Economics, (2001), 3rd edition, pp.604-07
*Veljanovski, C.2007. Economic Principles of Law chapter 3 pp.58-71
“The Tragedy of the Woolly Mammoth: Does An Economic Problem Explain Their Extinction?”
Pacific Standard, 10 February 2016
Document Summary
Law and economics (econ 2120, 2139 & 8047) 2017. The starred readings are required, the rest are supplemental (recommended background for lectures and tutorials). Incentive effects of different property right arrangements: an example. Tullock, gordon, the welfare costs of tariffs, monopolies, and theft , western economic. What"s wrong with the world ch. 3. pp. 32-35 rent seeking. *alchian, a. and w. allen exchange and production: competition, coordination and control (1977) 2nd edition, ch. 9, pp. 201-09. The structure of economics, (2001), 3rd edition, pp. 604-07. The tragedy of the woolly mammoth: does an economic problem explain their extinction? . Choosing how to allocate and protect the entitlement: Simple pollute or don"t pollute case the least cost avoider. Property rules, liability rules, and inalienability: one view of the cathedral", harvard law review 85, pp1089 98, 1105-28. Hartley, p. conservation strategies for new zealand, 1997, property rights and the law" pp. 49-60. Spurr, s. economic foundations of law 2nd edition, how the entitlement should be protected" pp. 78-81.
