Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/172004
Authors: 
Haucap, Justus
Year of Publication: 
2017
Series/Report no.: 
DICE Discussion Paper 276
Abstract: 
Markets, where buyers and sellers can exchange goods and services, are key to the division of labor, specialisation, the realisation of economies of scale and scope and, therefore, economic prosperity, growth and development. The better markets work the easier it is to reap the benefits of specialisation and the gains from trade and voluntary exchange. For the emergence of market exchange, in turn, stable and secure property rights are key. These rights should be defined as clearly as possible and be as stable and secure as possible, in order to foster investment and to incentivize the careful and diligent treatment of assets. Hence, the rule of law and secure property rights go hand in hand with the emergence of markets, gains from trade and economic growth and prosperity.
ISBN: 
978-3-86304-275-2
Document Type: 
Working Paper

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