What are ‘property rights’, and why do they matter? A comment on Hodgson's article
将‘产权’区分为法律权利和经济权利，指出两者因交易成本而不完整，并反驳霍奇森认为产权概念是规范性的观点，强调其作为分析工具的正向价值。
Abstract This comment divides ‘property rights’ into ‘legal rights’ and ‘economic rights’ in order to distinguish between two very different concepts that are often confounded in the literature. Because of transaction costs, neither kind of rights is ever complete. These are useful in economic analysis as maximizing individuals constantly expand and shrink them. Unlike Hodgson’s, both notions of rights adopted here are positive, useful in analyzing behavior, and not normative as Hodgson (2015) claims them to be. As used by me, they do not devalue property rights as Hodgson claims.