The authors argue that efficient water allocation is possible through markets as long as water rights are well-defined, enforced, and transferable. They provide a framework for considering third-party and free rider affects from water trades. From this framework, they consider the prospects for...

Economics is a matter of choice and growth, of interaction and exchange among individuals. Because property rights define the rules of these interactions and the objects of exchange, it is vital to fully understand the institutions and implications of the various property-rights regimes. With...

This essay argues that the focus of ecology and economics on equilibria and externalities misses the dynamic connection between humans and nature and that there is a better alternative for linking ecology with economics, one that builds on the teachings of Nobel laureates Friedrich Hayek and...

Front Cover -- Book Title -- Copyright -- Contents -- Foreword -- Acknowledgments -- Introduction to the Hoover Classics Edition -- 1. What Are Property Rights? -- 2. What Do Property Rights Do? -- 3. Where Do Property Rights Come From? -- 4. How Secure Are Property Rights? -- 5. Will Property...