The technology of property rights

From: Ideas on Liberty | Date: February 1, 2003| Author: | Copyright information

edited by Terry L. Anderson and Peter J. Hill

Americans are used to thinking of property rights as a given, but as Terry Anderson and P. J. Hill point out in this splendid collection of essays (one of the many books to have come from the Political Economy Research Center-PERC), "the production of property rights is an economic activity determined by the expected returns to defining and enforcing property rights." That insight is important in demonstrating how deep the spontaneous order of the marketplace is: property rights are not merely decreed by political authority, but themselves emerge ...

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