ABSTRACT
In this paper, I seek to fashion some of the elements of an economic theory of property rights. The paper is organized into three parts. The fi rst part discusses briefl y the concept and role of property rights in social systems. The second part offers some guidance for investigating the emergence of property rights. The third part sets forth some principles relevant to the coalescing of property rights into particular bundles and to the determination of the ownership structure that will be associated with these bundles.
