On Property Right V
2005.06.06 10:27

Ronald Coase wrote about this; brief analysis: property exists where the investment gains outweigh the costs of exclusivity (the thing in question cannot be readily put to its best use).

He explains what phenomenon property is like. Where the costs of exclusivity outweighs the investment gains, he would suggest someone who owns property right might let go of his right. I would rather suggest emphasising the role of who claims the right to own property. Since propety right is not something taken for granted in nature law, someone has to declare he has the property right. Property 'exists' in nature from the beginning, but that does not regulate who owns the right. Only later those who claim the right, the right to own property 'appears' 'generates' itself. The property right might be 'existing', but sleeping till being called by someone who 'claims'.