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The Economics of Civil and Common Law by Zagros Madjd-Sadjadi

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CHAPTER 2

Property Rights

The common law typically encompasses the law of property, the law of contacts, and the law of torts and will occupy our concern over the next three chapters as well as parts of the last chapter in this text. In this chapter we will discuss the concept of property rights and the four basic types of property: real, personal, intellectual, and public. In addition, we will look at how governments limit the use, transfer, and possession of property under the guise of regulation.

Key Economic Concepts

administrative cost

cooperative game theory

deadweight loss

regulation

Key Legal and Political Concepts

adjudication

bailee

copyright

eminent domain

estate, subsurface

estate, surface

“fair market” value

fair use

incompatible ...

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