Potentiality, Actuality, and "Stick"-Theory

J. E. Penner

Econ Journal Watch, 2011, vol. 8, issue 3, 274-278

Abstract: The "Bundle of Rights" picture of property purports to explain the facilitative aspect of the powers that go with ownership by treating potential property interests that an owner may _confer_ as pre-existing rights that an owner may _transfer_ to others. This misleads, rather than enlightens, confusing potentiality with actuality. Importantly, it also draws our attention away from the difficult conceptual issue regarding the transfer of rights.

Keywords: Property; bundle of rights; exclusion; transfer (search for similar items in EconPapers)
JEL-codes: A1 K00 K1 (search for similar items in EconPapers)
Date: 2011
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Citations: View citations in EconPapers (1)

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