The norms that we used to resolve disputes are extremely important and solve lots of problems. We rely on the law without understanding or appreciating that it's ambiguous. There is a surprisingly large economic literaturecaro rose on parking chairs, possibly because chicago has this very distinctive parking chair culture. And finally, i do want to add, there's a wonderful essay on our side by fred, the late fred mc chesney, on the the economics and the norms around theChicagoland using a chair.
Law professors Michael Heller and James Salzman talk about their book, Mine! with EconTalk host Russ Roberts. Heller and Salzman argue that ownership is trickier and more complicated than it looks. While we tend to think of something as either mine or not mine, there's often ambiguity and a continuum about who owns what. Salzman and Heller explore a wide and surprising range of property rights from everyday life. The conversation includes a discussion of the insights of Ronald Coase on the assignment of property rights when rights conflict.