"Toward a Theory of Property Rights"

"Toward a Theory of Property Rights" explores how property rights shape individual behavior and economic interactions. It analyzes the rules and laws that define ownership and how these rights can impact resource allocation, investment, and conflict resolution. The theory posits that well-defined property rights promote responsibility and efficient use of resources, while unclear rights can lead to disputes and inefficiencies. Understanding property rights is crucial for creating policies that encourage economic development and social stability, as they determine who can use, manage, and benefit from resources in society.