Principles of Property

Question 1

What are the 6 Benefits of Property?

Answer 1

i. Wealth Generation
ii. Economic Efficiency
iii. Individual Liberty
iv. Individual Dignity
v. Fairness & Social Justice
vi. Personal Morality

Question 2

Economic Efficiency

Answer 2

Encourages free market, productive activity, and by granting to security to those who invest in economic projects

Question 3

Why do we have government regulation?

Answer 3

Limits Property rights

Question 4

What are the general gov. regulations?

Answer 4

1. State Statutes
2. Constitutional Provisions (Taking)
3. Zoning
4. Housing Codes
5. Covenants

Question 5

What are the federal regulations?

Answer 5

police power regulation and powers of eminent domain and taxing and spending power

Question 6

Protections against Gov. Reg?

Answer 6

1. Lack of legal authority
2. Due process claims
3. Equal Protection claims
4. Eminent domain taking claims→ must pay to take
5. Regulatory taking claims

Question 7

Justification Theories

Answer 7

i. Labor Theory
ii. Natural Law Theory
iii. Social Contract Theory
iv. Utilitarian Theoryproach. Promote general welfare
v. Initial Distribution Problem

Question 8

Labor Theory

Answer 8

person who does the work deserves its benefits- Locke

Question 9

Natural Law Theory

Answer 9

nature of human beings and natural relationships. Is a particular interest so rooted or important from a rational moral point of view that others should respect it?

Question 10

Social Contract Theory

Answer 10

What basic rights would ind. agree upon in a suitable initial choice situation?

Legal rules structure the contours of social relationships like property.

Question 11

Utilitarian Theory

Answer 11

Comparing the costs and benefits of different definitions and allocations of property entitlements. Consequentialists approach. Promote general welfare

Question 12

Initial Dist. Problem

Answer 12

Unequal bargaining power. All the wealth distributed to one group, how is it redistributed? Indian ex.

Question 13

How is wealth distributed in US?

Answer 13

• Top 50% pay 100% of the income.
• The Top 1% receives 20% of nations income.
• Middle 50% and top own 87.2% of allincome.

Question 14

Wealth in Modern Nations

Answer 14

2% Natural Physical Resources
18% physical assets infrastructure
80% intangible Social Institutions. Work Ethic property Rights- Small business Incentives

Question 15

How is redistributive justice achieved through taxes?

Answer 15

top 50% of households pay 100% of federal income tax