Post # 1

It all starts with an understanding of property.  What is it? 

Property is what you own.  What is "ownership"?

Ownership means you have the exclusive right to use, not use, or trade something.

For example.  I own my car.  You cannot use it without my permission. I can give it to you or I can trade it for something else. 

Comments

Post a Comment

Popular posts from this blog

Post # 4

 Let's now focus on the second way to own property.  Trade.   Trade is to civilization as sunlight is to plants.  Trade naturally results in mutual benefit otherwise it would not take place.  The custom of thanking each other after a trade is an indication of how this works.   There are two ways to trade.  The first way is called barter. I will give you one of my tomatoes for one of your apples.   The problem with barter is that you can't always find someone to barter with or what you have to barter may be indivisible.  Thus barter limits the amount of trade that can take place. Why is this important?  Limited trade means limited specialization.  Specialization increases productivity.  See how your life would change if you were not allowed to trade for anything.  
Read more

Post # 2

 How can one ethically claim ownership to property? 1.  Produce it. 2.  Trade for it. 3. Receive it as a gift. 4. Homesteading For example, if I grow tomatoes in my backyard then I own them.   If I trade my tomatoes for your apples then I own the apples.  If I give you some tomatoes then you own them.  If I happen upon a berry patch that no one else claims and pick them then I own the berries (homesteading). Of course I can steal your property put that does not make it mine.  It is called theft.    
Read more

Post # 5

 How can we solve the trade limiting problem of bartering.? Answer: money. Like property money was not invented.  It was discovered over time as a better way of trading than barter.  With money it is much easier to find someone to trade with and the indivisibility problem is solved. What is money?  Money is anything that is generally accepted as a medium of exchange.  It has two other functions which are a standard of value and a store of value.  For example yesterday I traded one of my econ lectures which took place decades ago for a sack of groceries.  Amazing isn't it?
Read more