PROPERTY RIGHTS IN ECONOMIC THOUGHTS WITH EMPHASIS ON INSTITUTIONAL SCHOOL

In this paper, we analysis the concept and importance of property rights in classical and Institutional economic thought schools. In doing so, we analysis the thoughts of Luck, Adam Smith, Say, Ricardo, Malthus, Mill, Marx, Engels, marshal (some classical economists), Coase, Demsetz, North, and DoSoto (some New Institutional Economists). The results of the paper revealed that:1) Classical economists assumed that, property rights is given. But:2) New Institutional Economists analysis that, property rights is endogenous.The results of this paper emphasized on the importance of institutional economics analysis- especially economics of property rights- as a complementary to traditional analysis.