Toward a Theory of Property Rights

Harold Demsetz's work on property rights focuses on the conditions under which property rights emerge and evolve.

He argues that property rights are not simply given but are created and shaped by economic and social forces.

Demsetz's analysis emphasizes the role of transaction costs and the benefits of clearly defined property rights in promoting economic efficiency.

His contributions have significantly influenced the fields of law and economics, institutional economics, and development economics.

His work continues to be relevant in understanding the dynamic nature of property rights and their impact on economic outcomes.