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The Psychology of Property | The Stephan Kinsella Series | Episode 4 (WiM235)

The "What is Money?" Show

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What's the Difference Between Property Rights and Property Rules?

Hans-Joachim Watzke: Some people say libertarians believe in private property rights. But that's actually slightly incorrect because every political system has to have an allocation of property rights, he says. Watzkes: If you come up with a set of rules for allocating property and they generate conflict instead of solving conflict, then they're not property rules. The very purpose of property rules is to assign ownership rights in a way that can be seen as fair by participants so that conflicts can possibly be avoided., Watzke says.

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