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Introduction to the Jurisprudence of Property and Contract

In: Putting Jurisprudence Back Into Economics

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  • David Ellerman

    (University of Ljubljana)

Abstract

This chapter treats (informally) the sins of omission and commission about property rights and contracts in neoclassical microeconomic theory. The analysis is developed at both the descriptive and normative levels, and then the Fundamental Theory of Property Theory connects the two levels. That theorem is the property theoretic counterpart of the price theoretic theorem that a competitive equilibrium, under certain assumptions, is Pareto optimal. The property theoretic version states that when the market mechanism operates with no property externalities (no thefts or conversions of property) and no breaches of contracts, then the appropriation of newly created assets and liabilities by market participants (producers and consumers) satisfies the juridical principle of imputation of legal responsibilityLegal responsibility in accordance with factual responsibilityFactual responsibility.

Suggested Citation

  • David Ellerman, 2021. "Introduction to the Jurisprudence of Property and Contract," Springer Books, in: Putting Jurisprudence Back Into Economics, chapter 0, pages 1-25, Springer.
    • Handle: RePEc:spr:sprchp:978-3-030-76096-0_1
    DOI: 10.1007/978-3-030-76096-0_1
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