Besley, Timothy; Ghatak, Maitreesh - 2009
): in a world with
complete information and no contracting costs, resource allocation will be
independent of the allocation … of property rights.
In a world with costly contracting, owning and renting are not equivalent
since not all uses of a …Property Rights and Economic
Development
Timothy Besley
LSE and CIFAR
Houghton Street
London WC2A 2AE, UK
Maitreesh …