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Bundle-of-Sticks Notions in Legal and Economic Scholarship

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  • Eric R. Claeys

Abstract

The phrase "bundle of rights" does not serve as an accurate conceptual definition of property. Nor has that phrase provided a helpful metaphor as used in Ronald Coase's article "The Problem of Social Cost" (1960) and subsequent legal and economic scholarship. Coase's usage portrays property rights as a collection of individualized permissions to use an asset, when in sound conceptual usage "property" signifies a domain of authority to decide how to use the asset. The "bundle" metaphor may be understood to state that an owner has a right to deploy his property in any specific manner fairly implied by his general rights of ownership. Although this metaphorical usage is helpful, it remains parasitic on a sound conceptual definition of property. Property is best conceived of as a right securing a normative interest in determining exclusively the use of an asset external to the person of the owner.

Suggested Citation

  • Eric R. Claeys, 2011. "Bundle-of-Sticks Notions in Legal and Economic Scholarship," Econ Journal Watch, Econ Journal Watch, vol. 8(3), pages 205-214, September.
    • Handle: RePEc:ejw:journl:v:8:y:2011:i:3:p:205-214
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    References listed on IDEAS

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    1. Adam Mossoff, 2011. "The False Promise of the Right to Exclude," Econ Journal Watch, Econ Journal Watch, vol. 8(3), pages 255-264, September.
    2. Jain, Satish (ed.), 2010. "Law and Economics," OUP Catalogue, Oxford University Press, number 9780198067733.
    3. R. H. Coase, 2013. "The Problem of Social Cost," Journal of Law and Economics, University of Chicago Press, vol. 56(4), pages 837-877.
    4. Daniel B. Klein & John Robinson, 2011. "Property: A Bundle of Rights? Prologue to the Property Symposium," Econ Journal Watch, Econ Journal Watch, vol. 8(3), pages 193-204, September.
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    Cited by:

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    2. James Rycroft & John M. Luiz, 2018. "Homelessness, Property Rights, and Institutional Logics," Working Papers 750, Economic Research Southern Africa.
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    4. Chris Garbers & Guangling Dave Liu, 2017. "Macroprudential policy and foreign interest rate shocks: A comparison of different instruments and regulatory regimes," Working Papers 719, Economic Research Southern Africa.

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    More about this item

    Keywords

    Property; bundle of rights; exclusion; exclusivity; right to exclude; legal realism; law and economics; Wesley Hohfeld; Richard Posner; Harold Demsetz; Armen Alchian; Thomas Merrill; Henry Smith; private law theory; conceptual philosophy;
    All these keywords.

    JEL classification:

    • A1 - General Economics and Teaching - - General Economics
    • K00 - Law and Economics - - General - - - General (including Data Sources and Description)
    • K1 - Law and Economics - - Basic Areas of Law

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