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Property as complex interaction

机译:属性作为复杂的互动

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In his important article, Benito Arrunada draws out the significance of sequential exchange for property rights and traces inadequacies in the economics of property rights to its overly contractual focus, to the exclusion of multiple transactions on the same asset. In this comment, I argue that although Arrunada's problem is a genuine one, it is part of a larger inadequacy in the economic analysis of property rights: property institutions have to manage complexity stemming from many kinds of interactions, making it problematic to focus solely on local interactions. Modular structures in property, including legal things' themselves, serve to manage this complexity. The larger problem of complexity allows us to set sequential exchange in its proper context.
机译:贝尼托·阿鲁纳达(Benito Arrunada)在他的重要文章中指出了顺序交换产权的重要性,并将产权经济学中的不足之处归结为过于注重合同,而排除了同一资产的多项交易。在这篇评论中,我认为,尽管阿鲁纳达的问题是一个真正的问题,但这是财产权经济分析中一个更大的不足的一部分:财产制度必须管理由于多种相互作用而产生的复杂性,使得仅专注于这一问题成为问题。本地互动。财产的模块化结构,包括法律事物本身,可用来管理这种复杂性。更大的复杂性问题使我们可以在适当的上下文中设置顺序交换。

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