AN INSTITUTIONALIST OUTLOOK ON THE ORIGINS OF PROPERTY FROM THE PERSPECTIVE OF TRANSACTION COSTS

In new institutionalists’ analysis, the transaction costs are essential in explaining the origin of private property; however, this aspect is not that obvious in old institutionalists’ works. But even if they did not emphasize on this issue, they created a theoretical-explanatory background used and enriched with logical arguments and numerous examples by the new institutionalists in order to point out that it is not possible to explain the origin of property rights without taking into account the transaction costs theory.