Monday, February 4, 2008
Richard Epstein (Chicago) has posted How to Create - Or Destroy - Wealth in Real Property on SSRN. Here's the abstract:
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.
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