Krause, Martín --- "Property rights, the Coase Theorem and informality" [2017] ELECD 1568; in Zywicki, J. Todd; Boettke, J. Peter (eds), "Research Handbook on Austrian Law and Economics" (Edward Elgar Publishing, 2017) 29

Book Title: Research Handbook on Austrian Law and Economics

Editor(s): Zywicki, J. Todd; Boettke, J. Peter

Publisher: Edward Elgar Publishing

ISBN (hard cover): 9781849801133

Section: Chapter 2

Section Title: Property rights, the Coase Theorem and informality

Author(s): Krause, Martín

Number of pages: 17

Abstract/Description:

Austrian economists have been ambivalent on the foundational contributions of Ronald Coase to modern law and economics. One side supported a Lockean natural rights view based on the property over one’s own body as a determinant of rights and considerations of justice. The other side supported a Coasean efficiency view, with a Hayekian evolutionary perspective. Our conclusion will be that both are found in informal slums, but informal solutions of disputes among neighbors generally follow a “rights” approach and do not intentionally look for efficiency.