How to Create - Or Destroy - Wealth in Real Property
28 Pages Posted: 3 Feb 2008
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.
Keywords: first possession, Lockean theory, nuisance, spatial externalities, temporal externalities, trespass, unconstitutional condition, zoning
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