ECON 367 Lecture Notes - Lecture 26: Thomas Hobbes
Document Summary
Econ 367: economic analysis of law (lecture 26) Contrary to the others (cid:523)utilitarianism etc. (cid:524), evolutionary justice isn"t trying to achieve any specific goal (such as maximizing social welfare/making things the best possible for all) Instead it just happens and develops naturally over time. Fox hunt example; 3 different claimants: stalker: expended energy to chase/find the fox = labour theory of value, landowner = where the (wild) fox ends up = fixture, hunter: shoots the fox = capture. In actual 1800s example, judge chose #3. * not a definitive right answer; the example is meant to illustrate how difficult it is to stack competing rights in a proper order. Demsetz = create a property right only if it minimizes social costs. Reasons why one gets a property right: might creates right = often in the past rights were simply defined by who could grab them and survive.
