The Study On Bazel’s Property Rights Thought

Property rights theory is one of the most important theories of new institutionaleconomics, providing a new and unique way for the study of economics. While Bazel isn’t asfamous as the Nobel prize-winning economist in the new institutional economics field, likeCoase and North. His property rights theory includes new ideas, thinking deeply, with aspecial style. Since the1980s, Bazel,the economics professor at the university of Washington,had his research in the property right analysis method. He insisted that "those models whichdon’t take property rights as the center seem to be less appealing than the property rightsmodel." and has been trying to explain all economic phenomenon of human society by theproperty right analysis, providing an important analysis tool to the economics research.Almost the range of research was conducted on the theory of property rights by Bazel. He putforward different views on the property definition, definition cost, the influence of personalrole in the property definition, the principle of the rational allocation of property rights, whichdeepen and enrich the existing theory of property rights.However, Bazel’s academic contribution in the study of new institutional economics hasnot received enough attention at home and abroad. Domestic scholars mainly study the twobooks, economic analysis of property rights and the theory of state to research the propertythought of Bazel. and comprehend the point of view. However, we lack system of furtherresearch on the inherent logic of research methods and Bazel’s theory. If I can do someresearch in this aspect, I will have a comprehensive understanding and grasp the connotationof Bazel’s economic ideas and the essence of methodology, which do better to scholarsinterested in Bazel’s property rights, and thus can improve the cognitive ability of the realeconomic world, providing new theoretical guidance for the property rights reform.This article is based on the study of Bazel’s important works, to grasp the essence andcore of Bazel’s thought through the deep research. This article has studied Bazel’s thoughtfrom four parts.The first part is introduction, which mainly introduce the research background,significance and research status at home and abroad of this paper. In addition, this part alsointroduces the research content, structure of the system, and the innovation of this paper point.The second part mainly expounds the basic framework of Bazel’s property rights andmakes clear about the Bazel’s research assumptions, including personal maximization, theright transaction costs and perfect rationazation. Secondly, this part introduces the coreconcept of Bazel’s research, such as property, variability, public domain and definition costs of property rights, thus clarifies the relationship between the core concepts. Bazel’s propertydefinition is a process of the infinite evolution, and the definition of property rights is makingmarginal adjustment to the attribute of property in the process of trading. And then this partcomes to the conclusion that the contract is the core of the property rights research.The third part uses the to analyze the problem of demarcation between enterprise andmarket, and applies Bazel’s property thought to the national theory, illustrates the universalityand feasibility of the application from the micro and macro aspects. Bazel criticized Coase,who simply divided transaction contracts into two types, enterprises and market, while Bazeladvocated that “enterprise” and “market” into a “contract”. Through the comparison of statetheory between North and Bazel, I think there are differences in the analyzing tools andconclusions between the two theories. Obviously Bazel’s thought is more rational comparedwith “north paradox”.The fourth part mainly introduces the cognitivation of mine on the Bazel’s propertythought, including the rationality and limitations of his thoughts. Based on the research, Iadvance the significance of Bazel’s property rights theory to China’s economic development.