Rules v. Outcomes: New Radical Approaches to the Incosistencies of Property Rights Analysis
19 Pages Posted: 24 Jul 2014
Date Written: July 24, 2014
Abstract
The aim of my paper is to show that a consistent economic analysis brought to its logical conclusions should destroy any theory of property rights, and as such it is inconsistent with its own premises, and especially with the ideological presuppositions of quite all of its followers. The suggested alternative here is a kind of “reversed” Hayek: I mean an active use of historicism and institutional analysis from a political stendpoint that is preciseply contrary to the right wing approach that has been sponsorized by Hayek.
My conclusion is then that maybe we must start afresh from the Scottish Enlightment, which founded the basis of the present analysis of ownership and ownerhip economies, following the Austrian School of Economics toward radically very different political positions.
Keywords: Posner, Hayek, Coase, Kaldor-Hicks, Pareto, Economic Analysis of Law, EAL, Western legal Tradition, COmparative Law, Property Rights, Ideology, Scottish Enlightment, Austrian School of Economics, Financial Crisis, Ownership, Heterodoxy
JEL Classification: A10, A11, A12, A20, B10, B13, B14, B40, K10, K11, P10
Suggested Citation: Suggested Citation