This paper presents the plans being made in Albania to establish an immovable property registration system in the most efficient way. It considers not only technically modern equipment and computer-related problems but also social and economic feasibility. In Albania, the immovable property registration system is necessary in order to face successfully the new conditions of the free market-oriented economy. For about 50 years, property ownership in Albania was restricted to the State.

Structural changes in the farm production sector, continued pressure to reform existing agricultural policies, and an increasing demand for nonagricultural real estate emphasize the need for rural land market research. Rural land, with a wide diversity of physical characteristics and use, continues to be a large portion of Louisiana's total land base. Of Louisiana's total 28,493,440 land acres, cropland and pastureland account for 7,811,413 acres or 27 percent (1992 Louisiana Census of Agriculture).

This paper argues that law and economics has not come to grips with Arrow's limitation on social welfare economics nor with the evolutionary character of economic and legal institutions. Arrow's theorem makes the concept of a socially efficient economic institution dependent on a prior allocation of property rights. A socially efficient result is efficient only within the bounds of the initial allocation of property rights. A differing initial