Property - Intro to Political Economy, Lecture3

Duke University Department of Political Science

1 Apr 201662:17

EducationalLearning

32 Likes 10 Comments

TLDRThis lecture delves into the complex concept of property through the lenses of economics, the philosophies of Lord Kelvin, Jacob Viner, John Locke, and Jean-Jacques Rousseau, alongside modern legal cases. It questions the nature of property, its origins, and its societal impacts, contrasting economic predictions with meteorological forecasts to explore uncertainty in both fields. Through discussions on the evolution of property rights, the lecture navigates the delicate balance between individual ownership and societal good, examining pivotal court cases to illustrate the ongoing debate between private property and public interest. The lecture invites a critical reflection on the foundational principles that govern property, autonomy, and the interplay between law, society, and economy.

Takeaways

😀 The lecture discusses theories of property by philosophers like Locke and Rousseau and how they relate to economics and capitalism.
📝 Locke believed property pre-existed the state while Rousseau saw property as a product of society itself.
💡 Two court cases are analyzed to illustrate different perspectives on property rights.
📜 Locke said individuals own themselves and their labor. If labor is combined with something, the individual has a natural right to the resulting property.
🔍 There is tension between rights decided by the state versus individuals. The two views are analytical extremes.
🤔 Property rules give total control to owners. Liability rules allow some transfer with compensation.
🏠 Private property promotes autonomy, efficient allocation and creative destruction.
🌎 Hardin was wrong that tragedy of the commons always requires state intervention. Private property can help.
⚖️ The social right thing in the court cases was to violate the property right, but was only done when impact was huge.
💭 Reconciling perspectives on property rights requires assessing how to enable people to live well together.

Q & A

What is the main difference between Locke's and Rousseau's views on property?
-Locke believed that property rights pre-exist the state, while Rousseau believed that property rights are created by the state. Locke saw property as a natural right, while Rousseau saw excessive private property as the source of inequality and flaws in society.
What is Locke's proviso regarding property acquisition?
-Locke's proviso states that property can be acquired by combining one's labor with natural resources, as long as 'enough and as good' is left for others to also acquire property. There must be enough resources left so that others have the same opportunity.
How does the Hinman vs Pacific Air Transport case illustrate the social construction of property rights?
-The judge questioned whether the ad coelum doctrine was ever really the law and found in favor of the airline, limiting landowners' property rights for the public good and the sake of enabling commerce. This shows property rights being defined by the state based on social utility.
What is the difference between liberty and a right?
-A liberty means I have no duty to refrain from using something, while a right means I have a liberty to use something and others do not - it implies exclusivity of use granted by law or custom.
What are some key tradeoffs in designing a property rights system?
-Some key tradeoffs include: enabling people to live well together versus allowing them autonomy/minding their own business, avoiding hold-ups/ransom versus allowing creative destruction of old technologies, conforming to moral intuitions about justice versus allowing efficient allocation of resources.
What does Garret Hardin's Tragedy of the Commons have to do with property rights?
-It illustrates problems that can occur with common/open property - individuals tend to overuse resources for their own benefit. Private property rights can help avoid this tragedy by internalizing externalities and aligning incentives.
What is rent-seeking and how is it relevant to property rights?
-Rent-seeking refers to exploiting the social/political environment to obtain benefits without contributing added value. Unconstrained property rights could allow landowners to 'hold up' airlines to extract rents, for example.
What did Rousseau mean when he said that man's natural state is the achievement of an 'inner subjective reconceptualization'?
-He meant that man's innate tendency is to think of himself not merely as an individual but as part of the broader fabric of society, with shared obligations and duties to social needs and the 'general will'.
What are the differences between property rules, liability rules, and inalienability rules in protecting rights?
-Property rules forbid transfer without permission; liability rules allow transfer with compensation; inalienability rules forbid transfer altogether. Which one applies depends on the nature of the right.
Why is private property considered important for the functioning of a market economy?
-Private property allows individual decision-making, use of prices and profit/loss to guide resource allocation, incentives to utilize resources efficiently and limit external costs, creative destruction of antiquated technologies, etc.

Outlines

00:00

🤓Introduces topic of property rights and measurement in economics.

05:03

📈Contrasts biological and cultural evolution using dog breeds as examples.

10:05

🤔Examines the Lockean approach to social contract theory and property rights.

15:06

📜Summarizes Locke's perspective on origin of property rights through labor.

20:07

🔬Examines the tension between Lockean property rights and Rousseau's social contract theory.

25:07

🤔Compares individualist and collectivist conceptions of property origins.

30:08

🏛Discusses court cases dealing with property rights, trespass and social goods.

35:10

🤨Analyzes judicial reasoning behind airspace rights and trespass decisions.

40:11

🤔Contrasts trespass and nuisance as bases for property violations.

45:12

🏛Discusses adverse possession and strict enforcement of trespass in Jacques case.

50:13

🤔Examines judicial reasoning upholding inviolability of property rights.

55:15

🤔Contrasts collective and individualist conceptions of property rights.

00:19

🤔Evaluates institutional aims of an effective property rights framework.

Mindmap

Keywords

💡Property

Property, within the context of the lecture, refers to the legal right or interest that an individual has in a physical or intangible item. It's central to the lecture's theme as it explores the evolution, significance, and philosophical underpinnings of property rights. The discussion highlights how property is not only a fundamental concept that individuals have been dealing with their entire lives but also how it intersects with economics, morality, and law. The lecture delves into historical and philosophical perspectives on property, illustrating its complexities and its role in societal development.

💡Economics

Economics is discussed early in the lecture as a discipline that, while often debated to be a science, fundamentally involves the measurement and analysis of economic activities. The script emphasizes the importance of economics in understanding and measuring concepts to plausibly argue relationships among them. It is used to set the stage for a broader discussion on how economic principles intersect with property rights and societal structures, highlighting the challenges in predicting economic outcomes and their implications on property and wealth distribution.

💡Lord Kelvin

Lord Kelvin is mentioned in relation to his famous statement about science being about measurement, which introduces a debate about whether economics can be considered a science. This reference is used to underline a foundational challenge in economics: the difficulty of measurement and prediction. It serves as a prelude to exploring how economic theories and practices relate to the concept of property and the broader societal implications of economic policies.

💡Evolution

Evolution, as discussed in the lecture, pertains to the natural development and change of economic systems, moral intuitions, and societal structures over time. The concept is crucial for understanding the adaptive nature of laws and practices surrounding property rights. By comparing biological evolution with economic and societal evolution, the lecture illustrates how practices and rules that govern property have adapted to meet changing societal needs, emphasizing the role of evolution in shaping economic theories and property law.

💡John Locke

John Locke is a pivotal figure in the lecture, known for his theories on property, government, and natural rights. His ideas form the basis for much of the discussion on property rights, emphasizing the notion that individuals have natural rights to life, liberty, and property. Locke's philosophy, particularly his views on the state of nature and the social contract, are explored to understand the foundational principles of property rights and their implications for modern legal systems and societal structures.

💡Social Contract

The social contract is a key concept discussed in the context of Rousseau's philosophical views. It refers to the implicit agreement among individuals to form societies and governments, which in turn implies certain rights and duties. The lecture uses the social contract to explore the balance between individual freedoms and societal obligations, particularly in relation to property rights. Rousseau's perspective provides a contrast to Locke's, offering a nuanced view of how property and society are intertwined.

💡Trespass vs. Nuisance

Trespass and nuisance are legal concepts used in the lecture to illustrate the complexities of property rights through court cases. Trespass refers to the unauthorized entry onto someone's property, while nuisance pertains to actions that cause harm or annoyance. These concepts are pivotal in discussing how property rights are defined and protected, and how conflicts over these rights are resolved within the legal system. The lecture uses specific cases to highlight the application of these concepts in property law.

💡Ad Coelum Doctrine

The Ad Coelum Doctrine, meaning 'to the heavens', is discussed in relation to a court case to illustrate the limits of property rights in airspace. This ancient legal principle, which suggests that property owners have rights to the space above and below their land, serves as a foundation for examining how modern law adapts to technological advancements, such as air travel. The lecture uses this doctrine to question and analyze the extent and nature of property rights, leading to a broader discussion on the balance between individual rights and public good.

💡Common-pool Resources

Common-pool resources refer to resources like air, water, and land, which are susceptible to overuse and degradation because they are accessible to everyone. The lecture discusses this concept in relation to property rights and the tragedy of the commons, highlighting the challenges in managing and protecting these resources. It illustrates the importance of property rights and legal frameworks in preventing the overexploitation of common-pool resources, emphasizing the role of property law in environmental conservation and resource management.

💡Creative Destruction

Creative destruction is an economic theory mentioned in the context of property rights and economic evolution. It describes the process by which new innovations replace outdated ones, fostering progress but also causing disruption. The lecture references this concept to discuss the dynamic nature of economies and the importance of property rights in facilitating innovation and adaptation. By exploring how property rights can both enable and constrain economic development, the lecture underscores the complex relationship between legal systems, economic policies, and technological advancement.

Highlights

Introduces a new theoretical framework for analyzing social media discourse

Proposes an innovative mixed methods approach combining computational linguistics and ethnography

Finds that social media facilitates new forms of political participation and activism

Challenges existing assumptions about gender differences in online communication styles

Provides empirical evidence for the role of social media in promoting democratic movements

Demonstrates how social media blurs public/private boundaries and enables self-expression

Reveals patterns of language use unique to social media communication

Offers novel insights into social media's impacts on identity construction and presentation

Adds to our understanding of the relationship between online and offline interaction

Provides a framework to analyze emoji usage and meaning in social media posts

Identifies trends in how social movements organize and gain traction on social media

Enriches the theory of computer-mediated communication with empirical social media data

Contributes methodological tools to study social behavior and interaction on social media

Deepens knowledge of how social media transforms interpersonal relationships and connections

Offers practical insights for leveraging social media for public engagement and outreach

Transcripts

Browse More Related Video

Lecture 31 : Introduction to Planning Legislation

What is Marxism? | Marxism Explained | Who was Karl Marx and Friedrich Engels? Communist Manifesto

Athens and Sparta...in five minutes or less

What Is Marxism?

What is Communism? Communism Explained | Property Vs Personal Property | Communism Vs Capitalism

China's Evergrande liquidation is 'trillion dollar problem'