Ramsi Woodcock, ‘The Inefficiency of Property and Intellectual Property in the Tragedy of the Commons and the Parable of Theft’

Abstract:
It is easy to get the impression from reading economics that property generally, and property in ideas in particular, is efficient. This impression is meaningful because if property is efficient, then there is no efficiency rationale for government regulation of any kind other than the institution and defense of a property system itself. The purpose of this Chapter is to explain why this impression is false. The Chapter shows that two stories economists tell about the efficiency of property, the Tragedy of the Commons and what I call the Parable of Theft, do not establish that property or intellectual property is efficient.

Woodcock, Ramsi, The Inefficiency of Property and Intellectual Property in the Tragedy of the Commons and the Parable of Theft (March 18, 2015). Political Economy and Law: A Handbook of Contemporary Practice, Research and Theory (Edward Elgar), forthcoming.

First posted 2015-03-23 08:08:33

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