The Answer Is Transaction Costs
Desert Town Dilemmas and the Problem of Property Rights
Apr 30, 2024
David Schmidtz, an expert in economics and moral philosophy, discusses the fusion of economics and moral considerations in property ownership. The conversation delves into conflicts between individual autonomy and the greater good, the liberal heart of property law, and the essence of property ownership as societal constructs. The podcast explores justice, property rights, fairness, intellectual property, and humorous economics jokes.
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Quick takeaways
- Observation and empirical study shape societal conventions and moral philosophy.
- Property ownership goes beyond just physical items, reflecting societal constructs and collective desires.
Deep dives
Philosophy on Property Rights and Transaction Costs
David Schmitz delves into the philosophical implications of property rights and transaction costs. He highlights the importance of efficiently resolving disputes such as ranchers' conflicts over property and livestock. Schmitz emphasizes the significance of institutions and conventions in governing property rights, drawing parallels to traffic management as a means to prevent conflict and ensure order.
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