terms from The not so wild wild west

• property rights


  • who has access to a valuable goods and services
  • who gets the benefits from them
  • who pays the cost of utilizing them
• Property rights def

  The theoretical and legal ownership of specific property by individuals and the ability to determine how such property is used
• institutions

  Formal and informal rules, relationships and/or organizations that are widely known among a group

  • formal: Government bodies, education institutions, healthcare systems
  • informal: cultural norms, social networks, customary practice
• frontier

  The margin between the time or place where resources have no value and the time or place where they have positive values.
• rent

  The value of the unique asset that cannot be reproduced.

  • cannot be competed away, but can be dissipated or destroyed
• transaction costs

  The costs of specifying, monitoring, enforcing, and trading property right
• rent dissipation

  or

  When the unique asset of a resource are overused, fought over, or pursued to early