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Potentiality, Actuality, and "Stick"-Theory

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  • J. E. Penner

Abstract

The "Bundle of Rights" picture of property purports to explain the facilitative aspect of the powers that go with ownership by treating potential property interests that an owner may _confer_ as pre-existing rights that an owner may _transfer_ to others. This misleads, rather than enlightens, confusing potentiality with actuality. Importantly, it also draws our attention away from the difficult conceptual issue regarding the transfer of rights.

Suggested Citation

  • J. E. Penner, 2011. "Potentiality, Actuality, and "Stick"-Theory," Econ Journal Watch, Econ Journal Watch, vol. 8(3), pages 274-278, September.
  • Handle: RePEc:ejw:journl:v:8:y:2011:i:3:p:274-278
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    More about this item

    Keywords

    Property; bundle of rights; exclusion; transfer;

    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

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