The Enforcement of Property Rights and Underdevelopment

The Enforcement of Property Rights and Underdevelopment
This paper formalizes the role of legal infrastructure in economic development in a general equilibrium model with endogenously determined property rights enforcement. It illustrates the mutual importance of property rights protection and market production by the model's multiplicity of equilibria. In one equilibrium, property rights are... READ MORE...

Publication date: September 1999
ISBN 9781451854961
$15.00

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