Property rights formalize the relationship between individuals and goods. They form the cornerstone of the pricing, supply and efficient allocation of scarce resources between individuals.The Economic Foundations of Property Rights is an outstanding collection of some of the most important work from the founders of the field, including James M. Buchanan, Douglass C. North, Richard Posner, Armen Alchian, Lord Peter Bauer and Karl Brunner. It addresses the development of property rights, the effects of property rights on the allocation of resources and the link between alternative property rights and the production of wealth. Specifically, the authors consider the issues of democracy, law, transaction costs, the economics of exchange and the valuation of assets. The discussion considers property rights in the context of developing countries and transition economies as well as developed market systems.

This comprehensive new source book will be welcomed by economists, particularly those interested in law and economics, as well as political scientists and those interested in public choice theory.