Yoram Barzel (1931–2022) was an architect of the economics of property rights. His work explained a wide range of phenomena—including medieval lending, the organization of firms, and the origins of parliaments, democracy, and the rule of law—predicated on the simple, powerful theoretical framework that defines the University of Washington approach: in a world of positive transaction costs, individuals will devise institutional arrangements, both formal and informal, to realize gains from trade by minimizing rent dissipation.

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Rosolino A. Candela is a Research Fellow at the Independent Institute and Program Director, of Academic and Student Programs and Senior Fellow in the F.A. Hayek Program for Advanced Study in Philosophy, Politics, and Economics at the Mercatus Center at George Mason University.
Law and LibertyProperty Rights, Land Use, and ZoningRegulation
Other Independent Review articles by Rosolino A. Candela
Fall 2023 Israel M. Kirzner and the Entrepreneurial Market Process: An Appreciation
Spring 2023 The Creation of Knowledge in Society: Waste Defined by Property and Exchange
Fall 2021 Steve Pejovich’s Insights into Property Rights, Capitalism, Socialism, and Freedom
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