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Institutional economics and economic development The theory of property rights, economic development, good governance and the environment

Institutional economics and economic development The theory of property rights, economic... This paper discusses the institutionalists' economic thought and how they saw the role of property rights in economic development. It points out that the role of various institutions in the economic performance of many developing countries cannot be ignored. One of the important institutional factors in many developing countries and transitional economies is the nature and definition of property rights. This paper therefore addresses the impact of property rights on overall economic performance of a country and more specifically on agricultural production and on the conservation and management of the environment. It is generally agreed that property rights are a claim to a benefit stream where the state provides protection from others who may interfere with the benefit stream. Well‐defined property rights are considered vital for transitional economies which are undertaking major structural changes. The recent literature on property rights in transitional economies is largely concentrated on the former socialist and communist economies of Eastern Europe, which are embracing the market economy. However, this also has significant implications for many developing countries like Fiji which can also be considered as transitional economies. For Fiji the transition is from a highly protected, inward‐looking economy towards an export‐oriented economy. Getting the property rights “right” seems to be one of the major obstacles to economic reform agendas for many of the South Pacific countries including Fiji. http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png International Journal of Social Economics Emerald Publishing

Institutional economics and economic development The theory of property rights, economic development, good governance and the environment

Biman C. Prasad
International Journal of Social Economics , Volume 30 (6): 22 – Jun 1, 2003
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References (72)

Publisher
Emerald Publishing
Copyright
Copyright © 2003 MCB UP Ltd. All rights reserved.
ISSN
0306-8293
DOI
10.1108/03068290310474120
Publisher site
See Article on Publisher Site

Abstract

This paper discusses the institutionalists' economic thought and how they saw the role of property rights in economic development. It points out that the role of various institutions in the economic performance of many developing countries cannot be ignored. One of the important institutional factors in many developing countries and transitional economies is the nature and definition of property rights. This paper therefore addresses the impact of property rights on overall economic performance of a country and more specifically on agricultural production and on the conservation and management of the environment. It is generally agreed that property rights are a claim to a benefit stream where the state provides protection from others who may interfere with the benefit stream. Well‐defined property rights are considered vital for transitional economies which are undertaking major structural changes. The recent literature on property rights in transitional economies is largely concentrated on the former socialist and communist economies of Eastern Europe, which are embracing the market economy. However, this also has significant implications for many developing countries like Fiji which can also be considered as transitional economies. For Fiji the transition is from a highly protected, inward‐looking economy towards an export‐oriented economy. Getting the property rights “right” seems to be one of the major obstacles to economic reform agendas for many of the South Pacific countries including Fiji.

Journal

International Journal of Social Economics – Emerald Publishing

Published: Jun 1, 2003

Keywords: Economics; Property rights; Performance; Governance; Environment; Fiji

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