
This Paper Formalizes The Role Of Legal Infrastructure In Economic Development In A General Equilibrium Model With Endogenously Determined Property Rights Enforcement. It Illustrates The Mutual Importance Of Property Rights Protection And Market Production By The Model’s Multiplicity Of Equilibria. In One Equilibrium, Property Rights Are Enforced And Market Activity Is Unhampered. In The Other, Property Rights Are Not Enforced, Which Discourages Economic Activity And Leaves The Economy Without The Resources And Incentives To Enforce Property Rights. Even Identically Endowed Economies May Therefore Find Themselves In Very Different Equilibria. Era Dabla-norris, Scott Freeman. Bibliographic Level Mode Of Issuance: Monograph English
Page Count:
0
Publication Date:
1999-01-01
ISBN-10:
1452723990
ISBN-13:
9781452723990
No comments yet. Be the first to share your thoughts!