The Property Prism
AbstractThe "bundle of rights" metaphor has framed several important questions about property, including questions in constitutional law, conceptual analysis, and institutional understanding. But the bundle metaphor is notably unsuccessful in answering any of these questions. A better metaphor is that of a prism. Property is an institution that takes on a different coloration from different angles, each corresponding to a different audience. For the audience of strangers, property reflects a simple rule of exclusion. For other audiences, property reflects more complex rules or forms, as befits the smaller numbers of affected parties and the higher stakes they have in the use of particular assets. The bundle metaphor suggests that property is complex, but also that it is formless and completely malleable on all dimensions. The prism metaphor suggests that property is both simple and complex, depending on the relevant audience, and that it has an inherent structural integrity determined largely by information costs.
Download InfoIf you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
Bibliographic InfoArticle provided by Econ Journal Watch in its journal Econ Journal Watch.
Volume (Year): 8 (2011)
Issue (Month): 3 (September)
Property; bundle of rights; exclusion; legal realism; takings; legal audience; prism;
Find related papers by JEL classification:
- A1 - General Economics and Teaching - - General Economics
- K00 - Law and Economics - - General - - - General (including Data Sources and Description)
- K1 - Law and Economics - - Basic Areas of Law
You can help add them by filling out this form.
reading list or among the top items on IDEAS.Access and download statisticsgeneral information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Jason Briggeman) The email address of this maintainer does not seem to be valid anymore. Please ask Jason Briggeman to update the entry or send us the correct address.
If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.
If references are entirely missing, you can add them using this form.
If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.
If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.
Please note that corrections may take a couple of weeks to filter through the various RePEc services.