Property Spring 1995 William Nelson Chapter I: The Power of Legislatures to Allocate Wealth



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Property

Spring 1995

William Nelson
Chapter I: The Power of Legislatures to Allocate Wealth
I. Establishes the basic questions of the course through foundation cases.

A. How can we effect and control inter-generational transfers of wealth?

B. To what extent may government control ownership, transfer of property for the public good?

-and prevent a private owner from extracting the full benefit of

the property?
II. Property is more than just the land, it is a bundle of rights: use,

exploitation, occupancy, & rights to exclude others from using it.

A. Why do private owners have a right to exclude?

1. to maximize social good: land is not unlimited, to extract

profits, we must invest energy, effort.

2. the efficiency of private capitalism

3. private property rooted in 17th & 18th century liberal thought.


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