第39章 佃农理论英语原著 33
- 作者:张五常
- 类型:短篇文学
- 更新:07-04 15:13:00
- 字数:6024
Theadoptionofarelativelylongleaseduratiotperiodoftime,orwhenthelandownerprovidesallthe”permanent”assets,arelativelyshortleasedurationreducesthecostsofenforcingthecontractedtermsandofrenegotiatingtheseterms.
Whenacontractisformed,thecontra,theviolationofthecontractedtermsbyeitherpartymaycallforincreasingenforcementefforts,orforrevokingthecontractbeforeitsterm,whichfacilitatestenancydismissal,,however,thefrequencyoftenancydismissalswasfarlessthanthatofshort-termleases,ldisputeswaslow.[8]Iconjecture,therefore,thatshort-termleasesarechosenmoreasadevicetofacilitatecontractualrenegotiationthanasadevicetoreducethecostsofenforcingthecontractedterms.
Inaworldunplicatedbytransactioncostsandrisks,inwhichtherighttotheinegeneratedbyprivateinvestmentcouldbecostlesslysecuredandtransferred,andinwhichchangesincontractualstipulationscouldbecostlesslynegotiatedatanytime,thedurati,,itisconvenienttoseparatethecostadvantagesof”long”and”short”leasedurations.
TheChoiceofRelativelyLongLeaseDuration
Arelativelylongleasedurationischosentoreducethecostoftransferring(transacting),awaterbuffaloownedbyatenantforgraingrindingiseasierto,thelandownercouldhaveinvestedinthewaterirrigationhimself,orhecouldpurchasethetenantsmittedimprovementoutright.[5]Butwhenassetsattachedtolandareownedbythetenant,
Therighttoeachprivatelyownedresourceis,bydefinition,,theparticipatingresource,”short-term”leaseisinefficient;therelevantquestioniswhydifferentleasedurationsarechosen.
TheChoiceofRelativelyShortLeaseDuration
Underperpetualleasesthelandownerholdsownershiprighttothe[bottomof]land,andthetenantownstherighttothesoil……:(1)thetenantexploited[privatelyowned]wastelandanddevelopeditintofarmland,thusgainingaperpetual[ownership]righttothesoilfromthelandowner.(2)Permanentimprovementsinlandmadebythetenant……suchasbuildingupwater-conservingdevicesinotherwisesandyfields……(3)……wherelaborisscarceandlandplentiful,thelandownersattractedtenantsfromafarbyofferingtheperpetualrighttotill[thesoil]……(4)Thetenanthadpaidalump-sumpaymenttoobtaintheperpetualrighttotill……And(5)thepeasant,wheninneedofmoney,soldt,boththelandownerandthetenantcanselltheirrightsfreely,withouttheconsentfromeachother.[6]
Ineveryinstance,thetenantsassetattachedtoland(forexample,therighttothesoil)isphysically”permanent.”Withtheperpetualleaseandthecontractedtermsineffect,thelandownermaynotarbitrarilyraisethe”bottom”rent(oruseotherdevices)ero:Ifthe”bottom”and”surface”rightswereclearlydelineatedandcostlesslyenforcedasprivate,andiftheserightscouldbecostlesslytransferred,therewouldexistmarketpricesfortheserightsatwhichtransferscouldbeexecutedatanytime.[7]Thustherewouldbenoneedforlongleasedurationstoprotectthe”immobile”
However,thecostof,eithertoathirdpartyortothelandowner,,orcannotbeobtainedinashortperiodoftime,oevaluate;thelandownermaychoosetoselecthisnewtenant,,however,canbemadeonlyattheexpenseofsomecostadvantagewhichashorterleasedurationprovides.
TheforegoingdiscussioncanbesupportedbyobservationsontheperpetualleaseinChina:
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