ECONOMIC-THEORY OF PRIVATE PROPERTY - A T HEME AND ITS VARIATIONS

There exist two types of property rights: absolute property rights, e. g., over material objects, and relative property rights, e. g., contra ctual rights. The property-rights approach'' deals with the first type , ''transaction cost economics'' with the second. As for the latter th e concept of relational contracts is of particular importance, and wit h it social relations between individuals. It offers an explanation fo r the overcoming of the unforeseen in a world with transaction costs a nd hence of the functional efficiency of a private ownership economy i n the real world. Various examples of application of the economic theo ry of private property are provided. The market, the firm, financial m arkets and financial intermediaries, the family, and the state. The me aning of variants of multivarious private property is thus illustrated - from the property of individuals in objects, to rights and relation ships and, last but not least, the property of individuals in themselv es.