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Two Cheers for the Bundle-of-Sticks Metaphor, Three Cheers for Merrill and Smith

Author

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  • Robert C. Ellickson

Abstract

Viewing property rights as a "bundle of sticks" can be descriptively clarifying because the law commonly entitles an owner of a particular resource to split up entitlements in it. Nonetheless, Thomas Merrill and Henry Smith, the most prominent critics of the metaphor, assert that this conception both ignores the existence of various legal constraints on the decomposition of property rights, and also encourages lawmakers to support the excessive splintering of entitlements. These concerns are well-grounded. More controversial are Merrill and Smith's inclinations to equate private property with property generally, to deny that human capital can be characterized as property, and to assert that affirmative duties never attach to property ownership.

Suggested Citation

  • Robert C. Ellickson, 2011. "Two Cheers for the Bundle-of-Sticks Metaphor, Three Cheers for Merrill and Smith," Econ Journal Watch, Econ Journal Watch, vol. 8(3), pages 215-222, September.
    • Handle: RePEc:ejw:journl:v:8:y:2011:i:3:p:215-222
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    Citations

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    Cited by:

    1. Rossi, Enrico, 2020. "Reconsidering the dual nature of property rights: personal property and capital in the law and economics of property rights," LSE Research Online Documents on Economics 105840, London School of Economics and Political Science, LSE Library.
    2. James Rycroft & John M. Luiz, 2018. "Homelessness, Property Rights, and Institutional Logics," Working Papers 750, Economic Research Southern Africa.
    3. 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.

    More about this item

    Keywords

    Property; bundle of rights; exclusion; legal realism; law and economics;
    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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