Here are three easy questions for Libertarians, Socialists, and Economists to determine if a right is a monopoly or a property right. 1) Does the right arise because the person created something? Creation is the basis of all property rights. The law is just recognizing the reality that the person is the creator and without that person the creation would not exist. This is consistent with Locke’s Natural Rights and Ayn Rand’s Objectivism. 2) If someone else was the creator would they have received the right in the creation? This ensures that the right does not arise from political favoritism. 3) Is the right freely alienable? Freely alienable means that right can be sold, transferred, divided, leased, etc. This is a key feature of property rights. Let’s see how this applies to some common property rights, some monopolies, and rent seeking systems. More at: Monopoly/Rent Seeking vs. Property Rights/Intellectual Property « State of Innovation.
April 14, 2011