Property Rights

In reading the 43 pages of Rizzo's notes on property rights, I saw how rights create justice, wealth, and peace, but there are still some problems. Property rights come from changes in the way of producing, changes in values, or changes in hopes. They are the human rights we have in regards to property. In order to protect these property rights, we have institutions that allow heterogeneity and scarcity in society.

I found all the notes interesting, full of historical examples and contradictions. I found the discussion on my decisions affecting society interesting as I don't really think about it that often. While people don't care about my personal decisions in wasting my property, they might disagree with my decisions as they sabotage society's goals.

I found the objections very interesting as counterarguments usually are. First, was that private property relies on selfishness. This argument is wrong because people want different things and do different things with their property and because it poses "false alternatives: love, trade, force."The second objection on the misallocation of resources (one man starving while other people starve) is true but is hard to regulate. I guess governments would like to think that the rich would feed the poor but the rich to waste food. But in reality when your mom says "don't waste the food, there are people in Africa starving!", are you going to ship them the leftovers? The third objection is very interesting especially today as it deals with the fact that men aren't really free. There is the threat of socialism and communism and Americans fear this impending doom under the new health care bill. The forth objection dealt with the origin of property rights and looked at Hobbes (saying rights come from the government) and Locke (rights are natural rights). This argument still is alive today. The fifth objection dealt with how property rights are truly just human rights in regards to property.

There was then a quick history lesson showing the feudal system and how monarchs would give property. Then through evolution property rights occurred spontaneously as individuals seek their own plans and properties.

The problems of property rights presented at the end were very interesting. First the government protects our rights but steals our property. Second, there is the fragmenting of rights shown in communist Russia. Then there are the problems of universality not always being possible, equity making it difficult to allocate property rights, an information problem,and markets making mistakes.

Despite the extensive notes, I had questions.
1. Playing off Hobbes and Locke, what is the origin of property rights? Government given or God given or a mix?

2. If people have the rights to delegate trade by property rights, what is the basis for governments to make laws preventing this trade?  Ignoring mercantilism, why are there laws preventing property rights of scalping tickets or selling illegal things? The 5th amendment of the US constitution states  that people shouldn't "be deprived of life, liberty, or property, without due process of law; nor shall private property be taken for public use, without just compensation." When does the issue of government taking our property rights away become an issue under this amendment?

3. At what point does my "selfishness" that is purely me wasting my property on what I feel like harm society? It seems that almost all people are selfish and harming society under the definition of wasting property on whatever they want. So why isn't our society and economy horrible?

We read these notes because property rights tell individuals how to use our property in the market. The notes also explored the problems with property rights that have affected society. Also the notes dealt with trade under property rights.