Anybody know a good policy supplement for property?

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Anybody know a good policy supplement for property?

Postby joetheplumber » Wed May 15, 2013 12:59 pm

I'm looking for a good policy book supplement to read. There are gonna be two policy questions like "Who owns the moon" kind of crap. Issue spotters not that much and I suck at these policy questions. Anybody know and its tomorrow!


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Re: Anybody know a good policy supplement for property?

Postby acw1213 » Sat May 18, 2013 8:36 pm

EDIT: Whoops just re-read your post and saw that you already took the final. Sorry dude. I'll leave my reply in case it is of help to anyone else.

Sorry for the late reply, but if you haven't already taken it:

Read up about the Coase Theorem. I took a law and economics class and that was pretty much the whole class. It translates very well into the property context. The basic concept of the theorem is that assuming there are no transaction costs, the initial assignment of a right (or property) will not affect its final allocation. Thus, assuming parties can transact cheaply (little or no attorneys fees, etc.) the party who values a right/property the most will end up owning that right or property.

In the context of "who owns the moon," - I would say something like this (very abbreviated and sarcastic). There is an argument that the United States owns the moon because of finders/keepers law. The United States landed there first, thus they claim the prize. However, that issue has never been fully discussed. If this discussion had taken place, perhaps the Russians would be upset. Those Russians, they really like the moon. Americans, on the other hand, they don't really care; heck they basically shut down NASA. So, assuming there would be little to no transaction costs, Russia would most likely own the moon. This is because Russia values the moon more than the United States and the United States would sell the moon to Russia.

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Re: Anybody know a good policy supplement for property?

Postby 3|ink » Sat May 18, 2013 10:36 pm

lol. Law and Econ at George Mason was the biggest waste of time in my law school career.

There's a lot of good criticism of Coase. Good luck learning about any of it at Mason.

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