ECO320Y5 Study Guide - Midterm Guide: Contributory Negligence, Liability Insurance, Punitive Damages
Document Summary
Many organizations own property and some organizations are property. Unowned organizations play the central role in social life, religion, and government. Corporations play the central role in production and economic growth. Organization: structure of offices and roles capable of corporate action. Markets tend to move property from people who value it less to people who value it more. Separating assets: partitioning, not separating assets: co-mingling. Public = many shareholders while private = 1 or very few. Bargaining between a small number of people is much more successful as opposed to a large number of individuals. According to professor agnello and donnelly, labor is much more productively employed in privately leased oyster beds as opposed to communal oyster beds. Co(cid:373)(cid:373)u(cid:374)is(cid:373)(cid:859)s (cid:272)ollapse i(cid:374) easte(cid:396)(cid:374) eu(cid:396)ope ide(cid:374)tified a p(cid:396)ope(cid:396)t(cid:455) p(cid:396)o(cid:271)le(cid:373: (cid:862)t(cid:396)aged(cid:455) of the a(cid:374)ti-(cid:272)o(cid:373)(cid:373)o(cid:374)s(cid:863)- situation where everyone can prevent any one from using a shop.
