Property Rights, Economic Analysis and the Information Problem

Abstract

"The paper seeks to accomplish the following: 1. Introduce the information problem and place it at the center of theories of social systems. 2. Show how the area of competence for a theory of social systems is defined (partly) by its approach to the information problem, and how applications of social theories outside their areas of competence produce misleading results. 3. Trace the development of the property rights approach from the traditional neoclassical theory of production and exchange in terms of a) a recognition of the information problem, and b) extension of the analysis to political and social issues. 4. Discuss the limits of the property rights approach and respond to misguided criticism."