Monday, March 30, 2015

J.A. Smith on Why a Market for Establishing Property Rights Is a Nonsensical Idea

"in the establishment of my wealth presupposes a system of recognized and established rights. What I own (by law or custom) consists of rights and nothing else; my wealth therefore consists of rights and nothing else." -- J.A. Smith, “On Some Fundamental Notions of Economics,” Economic Review, 1913.

1 comment:

  1. How many libertarians believe this, though?

    ReplyDelete

Old-fashioned excuse: "The dog ate my homework."

Modern excuse: "Dual-factor authentication ate my ability to do my homework."