By Terry L. Anderson
The authors emphasize that possession of assets evolves as these assets turn into extra worthy or as setting up estate rights turns into less expensive. principles evolving on the neighborhood point should be greater simply because local community have a better stake within the end result. This conception is delivered to existence within the colourful background of Indians, fur trappers, buffalo hunters, livestock drovers, homesteaders, and miners. The e-book concludes with a bankruptcy that takes classes from the yankee frontier and applies them to our sleek "frontiers"—the setting, constructing nations, and house exploration.
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Extra info for The Not So Wild, Wild West: Property Rights on the Frontier
Sample text
On the other hand, when property rights are not well specified or protected, resource values are dissipated as people race to capture rents to unique resources. Institutional Entrepreneurs Our focus here is not just on how institutions promote cooperation and prosperity but on how and why those institutions change. Obviously, if rents are dissipated when property rights are not well defined and enforced, there is an incentive to change institutions so as to prevent squandering valuable resources.
More generally in the political arena, agents have the potential to extract rents through regulation and taxation. If measuring his productivity and verifying his arguments is hard, Wyatt will be able to capture more of the rents, especially if he has special law-enforcement talents. It is always costly to ensure that agents act on behalf of the citizens and that they do not use their power to extract rents from their constituents. Citizens will have to incur costs to constrain their agents (politicians, bureaucrats, police, and so on) from acting opportunistically.
Returning to the friction analogy, just as no machine is frictionless, no exchange is without transaction costs. Buyers must be found, sellers must be monitored, and contracts must be enforced. Each of these requires resource expenditures and hence reduces the net value of exchange. Friction can never be totally eliminated, but lubrication can reduce its effects. Similarly, some transaction costs can never be totally eliminated, but they can be lowered through repeat dealings, customs and morals, careful specification of contracts, and collective action.