Access

You are not currently logged in.

Access your personal account or get JSTOR access through your library or other institution:

login

Log in to your personal account or through your institution.

If you need an accessible version of this item please contact JSTOR User Support

Swords or Plowshares? A Theory of the Security of Claims to Property

Herschel I. Grossman and Minseong Kim
Journal of Political Economy
Vol. 103, No. 6 (Dec., 1995), pp. 1275-1288
Stable URL: http://www.jstor.org/stable/2138711
Page Count: 14
  • Read Online (Free)
  • Download ($14.00)
  • Subscribe ($19.50)
  • Cite this Item
If you need an accessible version of this item please contact JSTOR User Support
Swords or Plowshares? A Theory of the Security of Claims to Property
Preview not available

Abstract

This paper develops a general equilibrium model of the allocation of resources among appropriative and productive activities. The model emphasizes the distinction between offensive weapons, which are the instruments of predation, and fortifications, which provide defense against predation. The analysis of this model shows how the equilibrium security of claims to property is determined. The analysis focuses on the possibility of a nonaggressive equilibrium, in which no resources are allocated to offensive weapons and claims to property are fully secure. We also analyze the complex relation between economic welfare and the security of claims to property. We find, for example, that a relatively poor agent could be better off in an equilibrium with less secure claims to property.

Page Thumbnails

  • Thumbnail: Page 
1275
    1275
  • Thumbnail: Page 
1276
    1276
  • Thumbnail: Page 
1277
    1277
  • Thumbnail: Page 
1278
    1278
  • Thumbnail: Page 
1279
    1279
  • Thumbnail: Page 
1280
    1280
  • Thumbnail: Page 
1281
    1281
  • Thumbnail: Page 
1282
    1282
  • Thumbnail: Page 
1283
    1283
  • Thumbnail: Page 
1284
    1284
  • Thumbnail: Page 
1285
    1285
  • Thumbnail: Page 
1286
    1286
  • Thumbnail: Page 
1287
    1287
  • Thumbnail: Page 
1288
    1288