The Allocation and Exchange of Property Rights as a Way to Understand Comparative Economics Systems and Managerial Economics
University of Kentucky
Economic systems are described by the manner that property rights are allocated to individuals, to the government, or to interests groups. Property rights entail control of use of assets, claim on the net income from an asset, and transferability of the previous two. How they are allocated characterizes an economic system (e.g., capitalism, socialism) and determines its success or failure. A related analysis is important to understanding the success or failure of business organization, e.g., the corporate and non-corporate form, franchising, and employee compensation methods.
Published: July, 2019