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On Hodgson on property rights

Published online by Cambridge University Press:  23 April 2015

DOUGLAS W. ALLEN
DOUGLAS W. ALLEN*
Affiliation:
Department of Economic, Simon Fraser University, 8888 University Dr, Burnaby, BC V5A 1S6, Canada
*
*Email: allen@sfu.ca
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Abstract

Geoffrey Hodgson has a number of criticisms regarding the ‘economic approach to property rights’ that has been mostly championed by members of the UCLA and Washington departments of economics during the 1960s–1990s. In this short note I address these comments and point out that most are simply a matter of nomenclature. When there are disagreements they stem from Hodgson’s failure to account for positive transaction costs and this literature’s emphasis on operational explanations of organization.

Type
Comment
Information
Journal of Institutional Economics , Volume 11 , Issue 4 , December 2015 , pp. 711 - 717
Copyright
Copyright © Millennium Economics Ltd 2015 

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