On the use and abuse of rights. An economic view

Y. Liebermann, M. Syrquin

Research output: Contribution to journalArticlepeer-review

8 Scopus citations

Abstract

This paper presents a scheme for characterizing transactions (interactions) in economic terms. Four types of interactions are considered: two contracted for in markets (competitive and monopolistic), and two brought about by coercion (extortion and crime). One section focuses on monopoly and extortion, which some authors have claimed to be indistinguishable in economic terms. The analysis implies that the common attitude which regards crime as more offensive than extortion, and extortion as more offensive than monopoly, has a sound basis in terms of the impact on the efficiency of resource allocation. It also suggests that norms of behavior might emerge as an economic response to the market failure involved in extortion.

Original languageEnglish
Pages (from-to)25-40
Number of pages16
JournalJournal of Economic Behavior and Organization
Volume4
Issue number1
DOIs
StatePublished - Mar 1983

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