Edited by Todd J. Zywicki and Peter J. Boettke
Chapter 2: Property rights, the Coase Theorem and informality
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.
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