Yoram Barzel and the Economics of Institutions

This article examines the relationship between the work of Yoram Barzel and Institutional Economics. Barzel has developed a property rights/transaction cost approach to economics and has written on topics ranging from car racing to slavery to Jewish lending to voting rules in condominium association...

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Vydáno v:Man and the economy Ročník 5; číslo 2
Hlavní autor: Lueck, Dean
Médium: Journal Article
Jazyk:angličtina
Vydáno: Berlin De Gruyter 25.02.2019
Walter de Gruyter GmbH
Témata:
Assets
Condominium plan
Democracy
Economics
institutional economics
Institutions
Measurement
Ownership
Property rights
Racing
Rationing
Slavery
Sports
transaction cost
Voting rules
ISSN:2196-9639, 2196-9647
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Shrnutí:This article examines the relationship between the work of Yoram Barzel and Institutional Economics. Barzel has developed a property rights/transaction cost approach to economics and has written on topics ranging from car racing to slavery to Jewish lending to voting rules in condominium associations. Among his many ideas are those about racing to claim assets, multitasking, rationing by waiting, divided ownership of complex assets, measurement costs, and the economic orgins of democracy. In the process Barzel’s work unearthed the economic rationale for many institutions and offered a framework for analyzing them. Barzel holds an important place among all economists for expanding the scope of economic science in a way that focuses attention on the importance of property rights in understanding institutions and the economic logic of their variety. In this way he has been a crucial part of economic study of institutions.
Bibliografie:ObjectType-Article-1
SourceType-Scholarly Journals-1
ObjectType-Feature-2
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ISSN:2196-9639
2196-9647
DOI:10.1515/me-2018-0011