Description

1. An effective guide to the economics of property rights;2. An overview of the power of economic analysis and its foundations;3. A companion for business and development practitioners;4. A set of tools for meaningful discussion of government policies and law;5. A must for economics teachers.In contrast to many economics texts, which are often abstract and mathematical, this book uses simple language and graphs to demonstrate the general applicability of basic economic concepts, informed by ideas of the transaction cost paradigm, to a wide range of social, physical and legal phenomena. The case studies and applications collected here should enable students and practitioners, especially those in the management of the built and natural environment, to appreciate the power of economic theory in expressing, interpreting, and reviewing policies and practices.