Friday, September 25, 2009

Useful theoretical analysis from the World Bank, RE: The problematic 'Everybody's Property is Nobody's Property':

"It is essential to understand that property is not an object such as land, but is rather a right to a benefit stream that is only as secure as the duty of all others to respect the conditions that protect that stream. When one has a right one has the expectation in both the law and in practice that their  claims will be respected by those with duty," (p. 5)...

"Because there are no property rights in an open access situation, it is logically inconsistent to assert -- as many often do -- that 'everybody's property is nobody's property.' It can only be said that 'everybody's access is nobody's property,'" (p. 19).

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