On the Importance to Economic Success of Property Rights in Finance and Innovation

30 Pages Posted: 16 Jul 2008 Last revised: 17 Jul 2008

Stephen Haber

Stanford University - Hoover Institution and Political Science

F. Scott Kieff

George Washington University - Law School; Stanford University - Hoover Institution on War, Revolution and Peace

Troy A. Paredes

Washington University in St. Louis - School of Law

Date Written: July 2008

Abstract

This Essay surveys recent developments across the fields of finance and innovation to highlight some common themes concerning the importance of property rights to economic success. Society regularly makes choices when shaping the precise contours of the legal institutions that govern the behavior of market actors, often in response to high profile issues like the collapse of Enron and the patenting of life-saving AIDS drugs. Recognizing that no set of legal institutions or related enforcement mechanisms will be perfect, this Essay explores some particularly helpful institutional features based on property rights that too often are overlooked by policy makers and commentators, even though these property-based institutional features have long been associated with economic success in a number of diverse settings.

Suggested Citation

Haber, Stephen and Kieff, F. Scott and Paredes, Troy A., On the Importance to Economic Success of Property Rights in Finance and Innovation (July 2008). Stanford Law and Economics Olin Working Paper No. 359; Washington U. School of Law Working Paper No. 08-08-01. Available at SSRN: https://ssrn.com/abstract=1160291 or http://dx.doi.org/10.2139/ssrn.1160291

Stephen H. Haber

Stanford University - Hoover Institution and Political Science ( email )

Stanford, CA 94305
United States

F. Scott Kieff (Contact Author)

George Washington University - Law School ( email )

2000 H Street, N.W.
Washington, DC 20052
United States
202-994-4644 (Phone)

Stanford University - Hoover Institution on War, Revolution and Peace ( email )

434 Galvez Mall
Stanford, CA 94305-6010
United States
650-723-3678 (Phone)

Troy A. Paredes

Washington University in St. Louis - School of Law ( email )

Campus Box 1120
St. Louis, MO 63130
United States
314-935-8216 (Phone)
314-935-5356 (Fax)

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