de facto

Some Quick Bullets on Property Rights

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This article briefly records some thoughts on property rights which I had as a result of class discussion, as well as a summary of the class method as it is not traditional lecture and I think highly of it. Thoughts: De facto property rights are the best economic explanation of property rights, precisely because they … Read more Some Quick Bullets on Property Rights

Vandivier-Coase Theorem

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Having considered the Coase Thereom a bit more, I think I can phrase the principle being described better than even Coase did. I’ll call this the Vandivier-Coase Thereom: When transaction costs are sufficiently small relative to total surplus, an efficient and invariant outcome will prevail, and as transaction costs approach zero the result will become … Read more Vandivier-Coase Theorem