My Fundamentals
From Huben's Wiki
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* holdings are privately, coercively enforced freedoms | * holdings are privately, coercively enforced freedoms | ||
** all holdings eliminate some freedoms of others, which is why they need enforcement | ** all holdings eliminate some freedoms of others, which is why they need enforcement | ||
| − | * legal rights (including property) replaces private enforcement of holdings by state enforcement | + | * legal rights (including property) replaces private enforcement of holdings by social (usually state) enforcement |
** coercion creates holdings and rights | ** coercion creates holdings and rights | ||
** efficient because reduces deadweight protection costs | ** efficient because reduces deadweight protection costs | ||
