Arbeitspapier
The rule of law and the emergence of market exchange: A new institutional economic perspective
Markets, where buyers and sellers can exchange goods and services, are key to the division of labor, specialisation, the realisation of economies of scale and scope and, therefore, economic prosperity, growth and development. The better markets work the easier it is to reap the benefits of specialisation and the gains from trade and voluntary exchange. For the emergence of market exchange, in turn, stable and secure property rights are key. These rights should be defined as clearly as possible and be as stable and secure as possible, in order to foster investment and to incentivize the careful and diligent treatment of assets. Hence, the rule of law and secure property rights go hand in hand with the emergence of markets, gains from trade and economic growth and prosperity.
- ISBN
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978-3-86304-275-2
- Language
-
Englisch
- Bibliographic citation
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Series: DICE Discussion Paper ; No. 276
- Classification
-
Wirtschaft
- Event
-
Geistige Schöpfung
- (who)
-
Haucap, Justus
- Event
-
Veröffentlichung
- (who)
-
Heinrich Heine University Düsseldorf, Düsseldorf Institute for Competition Economics (DICE)
- (where)
-
Düsseldorf
- (when)
-
2017
- Handle
- Last update
-
10.03.2025, 11:41 AM CET
Data provider
This object is provided by:
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. If you have any questions about the object, please contact the data provider.
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. If you have any questions about the object, please contact the data provider.
Object type
- Arbeitspapier
Associated
- Haucap, Justus
- Heinrich Heine University Düsseldorf, Düsseldorf Institute for Competition Economics (DICE)
Time of origin
- 2017
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