Property

Abstract

Political Theory has undergone a remarkable development in recent years. From a state in which it was once declared dead, it has come to occupy a central place in the study of Politics. Both political ideas and the wide-ranging arguments to which they give rise are now treated in a rigorous, analytical fashion, and political theorists have contributed to disciplines as diverse as economics, sociology and law. These developments have made the subject more challenging and exciting, but they have also added to the difficulties of students and others coming to the subject for the first time. Much of the burgeoning literature in specialist books and journals is readily intelligible only to those who are already well-versed in the subject.

Revisiting Commons - Are Common Property Regimes Irrational?

“…5 Despite the fact that property systems encompass a continuum of possibilities from pure private to pure public regimes, the contemporary focus, especially during the cold war era, had narrowed down the choice between either the system of private property (the capitalist model) or that of public property (the socialist model); and relative superiority of either type and related economic system [Reeve (1986), Waldron (1988), Pejovich (1990). See also Williamson (1985)].…”

“…Posner argues that the function of property rights is to create a structure of incentives to use resource efficiently [c.f. Reeve (1986): 23].…”

“…14 Cited from Reeve (1986), p. 23. 15 The first three features are identified by Posner (1973) (cited from Reeve 1986) and the last feature is highlighted by Tietenberg (1992). willing to under take socially profitable activities.…”

“…16 Reeve (1986) discusses that interest in a resource is conceptually linked to the means available to protect it. A claim to a resource is taken to be good against and legally guaranteed against any rival claims.…”

“…An entity becomes a resource when people develop ability to command that benefit stream [Dani, Gibbs and Bromley (1987)]. Reeve (1986) describes resources as objects of want:…”