What does it need to entail?

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Functional Property, Real Justice

David Schmidtz

Mere Liberty: no duty to refrain from using

Mere Liberty: no duty to refrain from using

Correlative Duty: not to use without permission

Mere Liberty: no duty to refrain from using

Correlative Duty: not to use without permission

Full-blooded Right: liberty to use + liberty to forbid use by others

See Wesley Hohfeld

3 Ways of Giving Property Rights Their Due

See Calabresi & Melamed

3 Ways of Giving Property Rights Their Due

PROPERTY Rule: others can’t use without consent

See Calabresi & Melamed

3 Ways of Giving Property Rights Their Due

PROPERTY Rule: others can’t use without consent

LIABILITY Rule: other can’t use without compensation

See Calabresi & Melamed

3 Ways of Giving Property Rights Their Due

PROPERTY Rule: others can’t use without consent

LIABILITY Rule: other can’t use without compensation

INALIENABILITY Rule: can’t use at all (or at least can’t sell

See Calabresi & Melamed

Traffic Management

Commercial Traffic

Production for profit is production for use.

William Blackstone called property the

“sole and despotic dominion which one man claims and exercises over the external things of the world, in total exclusion of the right of any other individual in the universe.”

But rights in Anglo-American law have always been hedged with restrictions:

Easements

Covenants

Nuisance laws

Zoning laws

Regulatory statutes

Custom

ad coelem

What does the right to say no entail?

What does the right to say no entail?

What does it need to entail?

Justice: the Wrong Way

Justice: the Right Way

When a System of Property is Working :

When a System of Property is Working:

It puts people in position to produce.

When a System of Property is Working:

It puts people in position to produce.

It puts producers in position to trade.

When a System of Property is Working:

It puts people in position to produce.

It puts producers in position to trade.

It fosters creative destruction.

When a System of Property is Working:

It puts people in position to produce.

It puts producers in position to trade.

It fosters creative destruction.

It limits externalities.

When a System of Property is Working:

It puts people in position to produce.

It puts producers in position to trade.

It fosters creative destruction.

It limits externalities.

It minimizes transaction cost.

When a System of Property is Working:

It puts people in position to produce.

It puts producers in position to trade.

It fosters creative destruction.

It limits externalities.

It minimizes transaction cost.

It lets people grow their businesses.

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