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Constitutional Political Economy: Property Claims In A Dynamic World

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  • DANIEL W. BROMLEY
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    Abstract

    Constitutional political economy concerns the legal foundations of the market. One central component of that legal infrastructure relates to property rights over objects and circumstances. The idea of "takings" causes one to focus on the conditions under which regulatory actions call for compensation to those who imagine that their property rights have been taken. A dynamic economy is alleged here to be one in which legal processes must carry the burden of discovering when particular parties have an interest that can be said to constitute a property right requiring compensation. That is, objects and circumstances are not protected because they are "property." Rather, those objects and circumstances that are protected become, by virtue of that protection, "property." The task for the economist is to understand the perverse incentives to flow from a compensation requirement on all instances of institutional change concerning landed property. A further task is to incorporate a dynamic concept of property rights into general equilibrium models of economic systems. Copyright 1997 Western Economic Association International.

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    Bibliographic Info

    Article provided by Western Economic Association International in its journal Contemporary Economic Policy.

    Volume (Year): 15 (1997)
    Issue (Month): 4 (October)
    Pages: 43-54

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    Handle: RePEc:bla:coecpo:v:15:y:1997:i:4:p:43-54

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    Cited by:
    1. Castle, Emery N., 2003. "Land, Economic Change, and Agricultural Economics," Agricultural and Resource Economics Review, Northeastern Agricultural and Resource Economics Association, vol. 32(1), April.
    2. Loomis, John & Kent, Paula & Strange, Liz & Fausch, Kurt & Covich, Alan, 2000. "Measuring the total economic value of restoring ecosystem services in an impaired river basin: results from a contingent valuation survey," Ecological Economics, Elsevier, vol. 33(1), pages 103-117, April.
    3. Shi, Tian, 2006. "Simplifying complexity: Rationalising water entitlements in the Southern Connected River Murray System, Australia," Agricultural Water Management, Elsevier, vol. 86(3), pages 229-239, December.
    4. Christian Schubert, 2006. "Fairness in Urban Land Use: An Evolutionary Contribution to Law & Economics," Papers on Economics and Evolution 2005-22, Max Planck Institute of Economics, Evolutionary Economics Group.
    5. Berrens, Robert P. & McKee, Michael & Farmer, Michael C., 1999. "Incorporating distributional considerations in the safe minimum standard approach: endangered species and local impacts," Ecological Economics, Elsevier, vol. 30(3), pages 461-474, September.
    6. Bromley, Daniel W., 2003. "Land Use Policy as Volitional Pragmatism," Agricultural and Resource Economics Review, Northeastern Agricultural and Resource Economics Association, vol. 32(1), April.
    7. Kissling-Naf, Ingrid & Bisang, Kurt, 2001. "Rethinking recent changes of forest regimes in Europe through property-rights theory and policy analysis," Forest Policy and Economics, Elsevier, vol. 3(3-4), pages 99-111, November.
    8. Daniel Bromley, 2004. "Reconsidering Environmental Policy: Prescriptive Consequentialism and Volitional Pragmatism," Environmental & Resource Economics, European Association of Environmental and Resource Economists, vol. 28(1), pages 73-99, May.

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