The history of Yellowstone Park is best understood in the context of the theory of the firm as developed by Armen Alchian. In the late nineteenth century, the Northern Pacific Railroad recognized the potential amenity rents from Yellowstone and captured them by vertically integrating its...

This article expands Harold Demsetz's seminal work on property rights by arguing that property rights entrepreneurs discover previously unowned or unpriced attributes of a resource and capture rents by defining and enforcing rights to those attributes. To keep the rents from these new uses from...

Unlocking the Wealth of Indian Nations uses the tools of economics, political science, and law to explain how top-down institutions have shackled reservation economies and why bottom-up institutions are necessary to unlock the human, physical, and natural capital of Native Americans.

Front Cover -- Book Title -- Copyright -- Contents -- Introduction - Terry L. Anderson and Richard Sousa -- 1. Wrong Incentives from Financial System Fixes - Stephen H. Haber and F. Scott Kieff -- 2. Prudential Bank Regulation: What's Broke and How to Fix It - Charles W. Calomiris -- 3. A...