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Economics. An account of the relations between private property and public welfare.

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First edition. ‘In Economics Hadley went further than Marshall by explicitly developing the interrelations between property rights, economic evolution and economic efficiency. Hadley utilized the real world examples of the fisheries and mining to demonstrate the impact of ill-defined property rights on depletable resources, emphasizing the necessity of altered systems to obtain optimal resource use and allocation. This contribution, along with his prophetic analyses of transport market structure, establishes Hadley as one of the most inventive pre-20th century American economists’ (The New Palgrave).

Batson, p. 26f; Fundaburk 7977.

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