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.