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Winter 2020

ISSN 0890-913X

Volume 35, Number 4

The Allocation and Exchange of Property Rights as a Way to Understand Comparative Economic Systems and Managerial Economics

John Garen, University of Kentucky

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TheJournalofPrivateEnterprise35(4),2020,43–59TheAllocationandExchangeofPropertyRightsasaWaytoUnderstandComparativeEconomicSystemsandManagerialEconomicsJohnGaren∗UniversityofKentucky______________________________________________________AbstractTheallocationofpropertyrightstoindividuals,togovernment,ortointerestgroupseffectivelydeterminesaneconomicsystem.Propertyrightsentailcontrolofassetuse,claimontheincomefromassets,andtransferability.Economicsystems(e.g.,capitalism,socialism)arecharacterizedbywhoholdstheserights,whichinturndeterminesthesuccessorfailureofaneconomy.Arelatedanalysisappliestounderstandingbusinessorganizations(e.g.,corporationsandfranchises).Eachinvolvesa(voluntary)divisionofpropertyrightsandeachhasbenefitsandcosts.Severalexamplesarediscussedthatillustratetheimportanceofprivateownershipofpropertyrights,wherepartiesmaytradeanddividethem.______________________________________________________JELCodes:P51,P14,M2Keywords:propertyrights,comparativesystems,businessorganizationI.IntroductionThispaperanalyzescomparativeeconomicsystemsandmanagerialeconomicswithaunifyingthemeoftheallocationandexchangeofpropertyrights.Itisarguedthatalleconomicsystems(capitalism,socialism,andsoon)areunderstoodasdifferentwaysinwhichthreebasicaspectsofpropertyrightsareallocated.Additionally,Idiscusshowtheallocationofthesamethreeaspectsofpropertyrightssitsatthecoreofmuchofmanagerialeconomics.Section2describesthethreeaspectsofpropertyrights:controlovertheuseofassets,claimonthenetincome(orenjoyment)fromtheassets,andtransferability(alienability)oftheprevioustwo.Section3examinesanumberofeconomicsystemsandshowshow∗Forsupport,IthanktheInstitutefortheStudyofFreeEnterpriseattheUniversityofKentucky.

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Title	The Allocation and Exchange of Property Rights as a Way to Understand Comparative Economic Systems and Managerial Economics
Authors/Creators:	John Garen, University of Kentucky
Year:	2020
Volume:	35
Number:	4
Pages:	43 - 59
Publisher:	The Association of Private Enterprise Education
ISSN:	0890-913X
Document Type:	Articles
Keywords:	property rights, comparative systems, business organization

Citation:
Garen, John / 2020. "The Allocation and Exchange of Property Rights as a Way to Understand Comparative Economic Systems and Managerial Economics." The Journal of Private Enterprise, 35(4): 43-59.