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Shleifer, Andrei - 1998

Private ownership should generally be preferred to public ownership when the incentives to innovate and to contain costs must be strong. In essence, this is the case for capitalism over socialism, explaining the dynamic vitality' of free enterprise. The great economists of the 1930s and 1940s...

Persistent link: https://www.econbiz.de/10012472146

Property Rights to Frontier Land and Minerals : US Exceptionalism

Libecap, Gary D. - 2018

Property rights are the most fundamental institution in any society. They determine who has decision-making authority … historians have long recognized the importance of secure property rights for economic outcomes. Other political economy …, philosophy, historical, and legal literatures emphasize different, but critical attributes based on how property rights are …

Persistent link: https://www.econbiz.de/10012453172

Religious Competition and Reallocation : The Political Economy of Secularization in the Protestant Reformation

Cantoni, Davide - 2017

Using novel microdata, we document an unintended, first-order consequence of the Protestant Reformation: a massive reallocation of resources from religious to secular purposes. To understand this process, we propose a conceptual framework in which the introduction of religious competition shifts...

Persistent link: https://www.econbiz.de/10012453780

Hold-up, Asset Ownership, and Reference Points

Hart, Oliver - 2007

We study two parties who desire a smooth trading relationship under conditions of value and cost uncertainty. A rigid contract fixing price works well in normal times since there is nothing to argue about. However, when value or cost is exceptional, one party will hold up the other , damaging...

Persistent link: https://www.econbiz.de/10012465106

How Large Is the Housing Wealth Effect? A New Approach

Carroll, Christopher D. - 2006

This paper presents a simple new method for estimating the size of 'wealth effects' on aggregate consumption. The method exploits the well-documented sluggishness of consumption growth (often interpreted as 'habits' in the asset pricing literature) to distinguish between short-run and long-run...

Persistent link: https://www.econbiz.de/10012465914

Real and Private-Value Assets

Goetzmann, William N.; Spaenjers, Christophe; … - National Bureau of Economic Research - 2021

Real and private-value assets--defined here as the sum of real estate, infrastructure, collectibles, and non-corporate business equity--is an investment class worth an estimated $85 trillion in the U.S. alone. Furthermore, private values can affect pricing in many other financial markets, such...

Persistent link: https://www.econbiz.de/10012496134

On the Ends of the State : Stationary Bandits and the Time Horizon in Eastern Congo

Henn, Soeren J.; Mugaruka, Christian M.; Ortiz, Miguel; … - National Bureau of Economic Research - 2021

armed actors' property rights over stealing from that economy are secure. By 2009, armed actors taxed, administered, and … violently expropriating the same villages. The findings suggest that the security of property rights over stealing, hence the …

Persistent link: https://www.econbiz.de/10012510510

Property Rights and Urban Form

Djankov, Simeon; Glaeser, Edward L.; Perotti, Valeria; … - National Bureau of Economic Research - 2021

How do the different elements in the standard bundle of property rights, including those of possession and transfer …, influence the shape of cities? This paper incorporates insecure property rights into a standard model of urban land prices and … density, and makes predictions about investment in land and property, informality, and the efficiency of land use. Our …

Persistent link: https://www.econbiz.de/10012533342

Wealth and Property Taxation in the United States

Dray, Sacha; Landais, Camille; Stantcheva, Stefanie - National Bureau of Economic Research - 2023

We study the history and geography of wealth accumulation in the US, using newly collected historical property tax … records since the early 1800s. The US General Property Tax was a comprehensive tax on all types of property (real, personal …. Before the Civil war, enslaved people were assessed as personal property of the enslavers, representing almost one-half of …

Persistent link: https://www.econbiz.de/10014247998