How to Create - Or Destroy - Wealth in Real Property
Richard A. Epstein
New York University School of Law; Stanford University - Hoover Institution on War, Revolution and Peace; University of Chicago - Law School
Alabama Law Review, Vol. 741, No. 4, 2007
U of Chicago Law & Economics, Olin Working Paper No. 384
Current legal conceptions of property differ in the private and the public law. The former develops a comprehensive conception that gives full protection for each element in the bundle of rights - possession, use and disposition - which allows parties to enter into complex transactions that increase wealth for the parties without prejudicing outsiders. Constitutional doctrine gives strong protection to exclusion, but weak protection to use and disposition, and thus invites a complex range of government strategies that reduce property value, without creating any offsetting gain in third parties.
Number of Pages in PDF File: 28
Keywords: first possession, Lockean theory, nuisance, spatial externalities, temporal externalities, trespass, unconstitutional condition, zoningAccepted Paper Series
Date posted: February 3, 2008
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