Madeleine Flannagan argues that submerging propery rights under land use regulation creates disaster like submerging water with oil
It is not commonly recognised how seriously land use legislation such as the Resource Management Act has impaired property rights. The common law tradition esteems property rights much more highly and strongly than is recognised today.
Although economics is required to analyse how private property rights and tort law better address the complex issues related to conflicts of natural resource use, it is very helpful to recognise the quality and strength of legal rules developed and instituted at common law, under the influence of natural law theory, to protect property rights.
My friend Madeleine Flannagan has posted a 2 part series that addresses these issues directly and forcefully, and I highly recommend these posts to my readers.
Milton Friedman's Student Notes From Viner's Economic Theory Class - |Peter Boettke| Irwin Collier at Economics in the Rear-View Mirror continues to provide treasures from the archives. Recently he posted material from Milton ...
6 days ago