ECON 367 Lecture Notes - Lecture 24: Pierre-Joseph Proudhon, Externality
Document Summary
Econ 367: economic analysis of law (lecture 24) The analysis is the same for all three! ). e. (cid:498)a factory polluting(cid:499): we have a social contract against harm, you are a nuisance (tort, get off my property. * link (golden thread) = your right interfering with mine. Property rights = not just land, they are a bundle of entitlement. Includes many others, such as copyright, right to life, etc. How to get away with one infringement and not another = defined by the rights in bundle. * externalities are reciprocal: if i have a right to clean laundry that must mean that you have a duty to put a scrubber on your smokestack to keep it from spewing pollution. > econ provides a suggestion of how to define this. 3 basic property rights: right to use (inc. right to profit from, right to exclude, right to transfer or destroy. > use, exclude, dispose = the full bundle.
