ENCLOSURE
研究了产权如何随资本积累内生发展：资本增长提高耐心，耐心使产权协议得以建立，产权又进一步促进资本积累和增长，因此产权只在经济足够富裕时才能确立。
We model the development of property rights as an endogenous process, driven by capital accumulation. Property rights internalize the portion of the return to capital that is otherwise treated as common property. This enclosure further encourages capital accumulation and sustains economic growth. We view effective property rights as multilateral agreements among agents that can only be implemented and sustained when agents are sufficiently patient. Patience is determined by the marginal product of capital; the marginal product of capital shrinks, and consequently patience increases, as capital grows. Hence, property rights can be established only when an economy is rich enough.