John Stuart Mill on Justice in Property
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A Policy Brief for the State of New Hampshire
Rockefeller Center at Dartmouth College Policy Research Shop A Center for Public Policy and the Social Sciences Roles for the Private Sector in State Parks Systems A Policy Brief for the State of New Hampshire September 21, 2006 PRS Policy Brief 0506-07 Prepared by: Tracey A. Fung, William O’Neal, and Adam H. Sigelman This report was written by undergraduate students at Dartmouth College under the direction of professors in the Rockefeller Center. William O’Neal, a graduate student in the chemistry department, supervised the students and contributed to the preparation of this report. We are also thankful for the services received from the Student Center for Research, Writing, and Information Technology (RWiT) at Dartmouth College. Contact: Nelson A. Rockefeller Center, 6082 Rockefeller Hall, Dartmouth College, Hanover, NH 03755 http://policyresearch.dartmouth.edu • Email: [email protected] Rockefeller Center at Dartmouth College Policy Research Shop A Center for Public Policy and the Social Sciences TABLE OF CONTENTS ROLES FOR THE PRIVATE SECTOR IN STATE PARKS SYSTEMS 1. INTRODUCTION AND BACKGROUND 2 1.1 Privatization by Delegation 2 1.2 Purpose of Privatization 3 1.3 Concerns about Privatization 5 2. ESTABLISHING THE APPROPRIATENESS OF PRIVATIZATION 7 3. POTENTIAL ROLES FOR THE PRIVATE SECTOR IN NH STATE PARKS 9 3.1 Custodial 9 3.2 Retail 9 4. CASE STUDIES 11 4.1 New Hampshire 11 4.2 New York 11 4.3 Kentucky 12 4.4 British Columbia 13 4.5 Georgia 14 4.6 South Dakota 15 4.7 Vermont 15 4.8 Summary 16 5. CONCLUSION 16 1 Rockefeller Center at Dartmouth College Policy Research Shop A Center for Public Policy and the Social Sciences 1. -
Chinese Privatization: Between Plan and Market
CHINESE PRIVATIZATION: BETWEEN PLAN AND MARKET LAN CAO* I INTRODUCTION Since 1978, when China adopted its open-door policy and allowed its economy to be exposed to the international market, it has adhered to what Deng Xiaoping called "socialism with Chinese characteristics."1 As a result, it has produced an economy with one of the most rapid growth rates in the world by steadfastly embarking on a developmental strategy of gradual, market-oriented measures while simultaneously remaining nominally socialistic. As I discuss in this article, this strategy of reformthe mere adoption of a market economy while retaining a socialist ownership baseshould similarly be characterized as "privatization with Chinese characteristics,"2 even though it departs markedly from the more orthodox strategy most commonly associated with the term "privatization," at least as that term has been conventionally understood in the context of emerging market or transitional economies. The Russian experience of privatization, for example, represents the more dominant and more favored approach to privatizationcertainly from the point of view of the West and its advisersand is characterized by immediate privatization of the state sector, including the swift and unequivocal transfer of assets from the publicly owned state enterprises to private hands. On the other hand, "privatization with Chinese characteristics" emphasizes not the immediate privatization of the state sector but rather the retention of the state sector with the Copyright © 2001 by Lan Cao This article is also available at http://www.law.duke.edu/journals/63LCPCao. * Professor of Law, College of William and Mary Marshall-Wythe School of Law. At the time the article was written, the author was Professor of Law at Brooklyn Law School. -
Curtailing Inherited Wealth
Michigan Law Review Volume 89 Issue 1 1990 Curtailing Inherited Wealth Mark L. Ascher University of Arizona College of Law Follow this and additional works at: https://repository.law.umich.edu/mlr Part of the Law and Society Commons, Legislation Commons, and the Taxation-Federal Estate and Gift Commons Recommended Citation Mark L. Ascher, Curtailing Inherited Wealth, 89 MICH. L. REV. 69 (1990). Available at: https://repository.law.umich.edu/mlr/vol89/iss1/3 This Article is brought to you for free and open access by the Michigan Law Review at University of Michigan Law School Scholarship Repository. It has been accepted for inclusion in Michigan Law Review by an authorized editor of University of Michigan Law School Scholarship Repository. For more information, please contact [email protected]. CURTAILING INHERITED WEALTH Mark L. Ascher* INTRODUCTION • • • • • • • • • • • . • • • • • • . • • • • • • • • . • • . • • • • . • • • 70 I. INHERITANCE IN PRINCIPLE........................... 76 A. Inheritance as a Natural Right..................... 76 B. The Positivistic Conception of Inheritance . 77 C. Why the Positivistic Conception Prevailed . 78 D. Inheritance - Property or Garbage?................ 81 E. Constitutional Concerns . 84 II. INHERITANCE AS A MATIER OF POLICY •• • . •••••.. •••• 86 A. Society's Stake in Accumulated Wealth . 86 B. Arguments in Favor of Curtailing Inheritance . 87 1. Leveling the Playing Field . 87 2. Deficit Reduction in a Painless and Appropriate Fashion........................................ 91 3. Protecting Elective Representative Government . 93 4. Increasing Privatization in the Care of the Disabled and the Elderly . 96 5. Expanding Public Ownership of National and International Treasures . 98 6. _Increasing Lifetime Charitable Giving . 98 7. Neutralizing the Co"osive Effects of Wealth..... 99 C. Arguments Against Curtailing Inheritance. -
U-I-313/13-91 27 March 2014 Concurring Opinion of Judge Jan
U-I-313/13-91 27 March 2014 Concurring Opinion of Judge Jan Zobec 1. Although I voted for the Decision in its entirety and also concur to a certain degree with its underlying reasons, I wish to express, in my concurring opinion, my view on property taxes from the viewpoint of the constitutional guarantee of private property, especially the private property of residential real property. The applicants namely also referred to the fact that the real property tax excessively interferes with the constitutional guarantee of private property, and the Decision does not contain answers to these allegations. A few brief introductory thoughts on the importance of private property in the circle of civilisation to which we belong 2. Private property entails one of the central constitutional values and one of the pillars of western civilisation. Already the Magna Carta Libertatum or The Great Charter of the Liberties of England of 1215, which made the king's power subject to law and which entails the first step towards the implementation of the idea of the rule of law, contained numerous important safeguards of ownership – e.g. the principle that in order to increase the budget of the state it is necessary to obtain the approval of the representative body; the provision that the crown's officials must not seize anyone's movable property without immediate payment – unless the seller voluntarily agrees that the payment be postponed; it also ensured protection from unlawful deprivation of possession or (arbitrary) deprivation without a judicial decision.[1] The theory on property rights also occupies the central position in the political philosophy of John Locke, which inspired the American Revolution and was reflected in the Declaration of Independence. -
Property Crime
Uniform Crime Report Crime in the United States, 2010 Property Crime Definition In the FBI’s Uniform Crime Reporting (UCR) Program, property crime includes the offenses of burglary, larceny-theft, motor vehicle theft, and arson. The object of the theft-type offenses is the taking of money or property, but there is no force or threat of force against the victims. The property crime category includes arson because the offense involves the destruction of property; however, arson victims may be subjected to force. Because of limited participation and varying collection procedures by local law enforcement agencies, only limited data are available for arson. Arson statistics are included in trend, clearance, and arrest tables throughout Crime in the United States, but they are not included in any estimated volume data. The arson section in this report provides more information on that offense. Data collection The data presented in Crime in the United States reflect the Hierarchy Rule, which requires that only the most serious offense in a multiple-offense criminal incident be counted. In descending order of severity, the violent crimes are murder and nonnegligent manslaughter, forcible rape, robbery, and aggravated assault, followed by the property crimes of burglary, larceny-theft, and motor vehicle theft. Although arson is also a property crime, the Hierarchy Rule does not apply to the offense of arson. In cases in which an arson occurs in conjunction with another violent or property crime, both crimes are reported, the arson and the additional crime. Overview • In 2010, there were an estimated 9,082,887 property crime offenses in the Nation. -
Aristotle's Economic Defence of Private Property
ECONOMIC HISTORY ARISTOTLE ’S ECONOMIC DEFENCE OF PRIVATE PROPERTY CONOR MCGLYNN Senior Sophister Are modern economic justifications of private property compatible with Aristotle’s views? Conor McGlynn deftly argues that despite differences, there is much common ground between Aristotle’s account and contemporary economic conceptions of private property. The paper explores the concepts of natural exchange and the tragedy of the commons in order to reconcile these divergent views. Introduction Property rights play a fundamental role in the structure of any economy. One of the first comprehensive defences of the private ownership of property was given by Aristotle. Aris - totle’s defence of private property rights, based on the role private property plays in pro - moting virtue, is often seen as incompatible with contemporary economic justifications of property, which are instead based on mostly utilitarian concerns dealing with efficiency. Aristotle defends private ownership only insofar as it plays a role in promoting virtue, while modern defenders appeal ultimately to the efficiency gains from private property. However, in spite of these fundamentally divergent views, there are a number of similar - ities between the defence of private property Aristotle gives and the account of private property provided by contemporary economics. I will argue that there is in fact a great deal of overlap between Aristotle’s account and the economic justification. While it is true that Aristotle’s theory is quite incompatible with a free market libertarian account of pri - vate property which defends the absolute and inalienable right of an individual to their property, his account is compatible with more moderate political and economic theories of private property. -
Competitive Supply of Money in a New Monetarist Model
Munich Personal RePEc Archive Competitive Supply of Money in a New Monetarist Model Waknis, Parag 11 September 2017 Online at https://mpra.ub.uni-muenchen.de/75401/ MPRA Paper No. 75401, posted 23 Sep 2017 10:12 UTC Competitive Supply of Money in a New Monetarist Model Parag Waknis∗ September 11, 2017 Abstract Whether currency can be efficiently provided by private competitive money suppliers is arguably one of the fundamental questions in monetary theory. It is also one with practical relevance because of the emergence of multiple competing financial assets as well as competing cryptocurrencies as means of payments in certain class of transactions. In this paper, a dual currency version of Lagos and Wright (2005) money search model is used to explore the answer to this question. The centralized market sub-period is modeled as infinitely repeated game between two long lived players (money suppliers) and a short lived player (a continuum of agents), where longetivity of the players refers to the ability to influence aggregate outcomes. There are multiple equilibria, however we show that equilibrium featuring lowest inflation tax is weakly renegotiation proof, suggesting that better inflation outcome is possible in an environment with currency competition. JEL Codes: E52, E61. Keywords: currency competition, repeated games, long lived- short lived players, inflation tax, money search, weakly renegotiation proof. ∗The paper is based on my PhD dissertation completed at the University of Connecticut (UConn). I thank Christian Zimmermann (Major Advisor, St.Louis Fed), Ricardo Lagos (Associate Advisor, NYU) and Vicki Knoblauch (Associate Advisor, UConn) for their guidance and support. I thank participants at various conferences and the anonymous refer- ees at Economic Inquiry for their helpful comments and suggestions. -
Real Business Cycles
Real Business Cycles JesusFernandez-Villaverde University of Pennsylvania 1 Business Cycle U.S. economy uctuates over time. How can we build models to think about it? Do we need di erent models than before to do so? Traditionally the answer was yes. Nowadays the answer is no. We will focus on equilibrium models of the cycle. 2 Business Cycles and Economic Growth How di erent are long-run growth and the business cycle? Changes in Output per Worker Secular Growth Business Cycle Due to changes in capital 1/3 0 Due to changes in labor 0 2/3 Due to changes in productivity 2/3 1/3 We want to use the same models with a slightly di erent focus. 3 Stochastic Neoclassical Growth Model Cass (1965) and Koopmans (1965). Brock and Mirman (1972). Kydland and Prescott (1982). Hansen (1985). King, Plosser, and Rebelo (1988a,b). 4 References King, Plosser, and Rebelo (1988a,b). Chapter by Cooley and Prescott in Cooley's Frontier of Business Cycle Research (in fact, you want to read the whole book). Chapter by King and Rebelo (Resurrection Real Business Cycle Mod- els) in Handbook of Macroeconomics. Chapter 12 in Ljungqvist and Sargent. 5 Preferences Preferences: 1 t t t t E0 (1 + n) u ct s ; lt s tX=0 t t for ct s 0; lt s (0; 1) 2 where n is population growth. Standard technical assumptions (continuity, di erentiability, Inada con- ditions, etc...). However, those still leave many degrees of freedom. Restrictions imposed by economic theory and empirical observation. 6 Restrictions on Preferences Three observations: 1. -
The Meaning of Competition*
HAYEK The Meaning of Competition* Friedrich A. Hayek LINK TO ABSTRACT I. There are signs of increasing awareness among economists that what they have been discussing in recent years under the name of ‘competition’ is not the same thing as what is thus called in ordinary language. But, although there have been some valiant attempts to bring discussion back to earth and to direct attention to the problems of real life, notably by J. M. Clark and Fritz Machlup,1 the general view seems still to regard the conception of competition currently employed by economists as the significant one and to treat that of the businessman as an abuse. It appears to be generally held that the so-called theory of ‘perfect competition’ provides the appropriate model for judging the effectiveness of competition in real life and that, to the extent that real competition differs from that model, it is undesirable and even harmful. For this attitude there seems to me to exist very little justification. I shall attempt to show that what the theory of perfect competition discusses has little claim to be called ‘competition’ at all and that its conclusions are of little use as guides to policy. The reason for this seems to me to be that this theory throughout assumes that state of affairs already to exist which, according to the truer view of the older theory, the process of competition tends to bring about (or to approxi- mate) and that, if the state of affairs assumed by the theory of perfect competition * This essay reproduces the substance of the Stafford Little Lecture delivered at Princeton University on May 20, 1946. -
Exclusivity and the Construction of Intellectual Property Markets
The Fable of the Commons: Exclusivity and the Construction of Intellectual Property Markets Shubha Ghosh* TABLE OF CONTENTS INTRODUCTION ................................................................................... 857 I. LOOKING BEYOND THE COMMONS: TURNING HIGH TRAGEDY INTO LOW DRAMA .................................................................... 860 A. The Fable of the Commons................................................. 861 B. Governing the Commons Through the Goals of Distributive Justice ............................................................ 864 II. THE DIMENSIONS OF DISTRIBUTIVE JUSTICE.............................. 870 A. Creators ............................................................................ 871 B. Creators and Users............................................................ 876 C. Intergenerational Justice.................................................... 879 III. DISTRIBUTIVE JUSTICE IN PRACTICE .......................................... 880 A. Fair Use: Allocating Surplus Among Creators and Users .. 881 B. Secondary Liability: Spanning Generational Divides......... 883 C. Antitrust: Natural and Cultural Monopolies and the Limits of Exclusivity in the Marketplace ............................ 886 D. Traditional Knowledge: Expanding Canons and the Global Marketplace ........................................................... 888 CONCLUSION....................................................................................... 889 * Professor of Law, Southern Methodist University, Dedman School -
Gifts of Appreciated Property Capital Gains Tax You Are Generous with Your Cash Gifts, but Sometimes You Would Like to Give Even More
/ 1 Gifts of Appreciated Property Capital Gains Tax You are generous with your cash gifts, but sometimes you would like to give even more. Gifts of appreciated When you own an asset that has appreciated in value, assets may be the solution: and if you sell that asset, you will pay a tax on the difference between your purchase price and what you • A gift of appreciated assets may allow you to give to your heart’s content when cash flow is not received from the sale. This is called a capital gains tax. sufficient. Capital gains tax rates are based on your personal income tax bracket at the time of sale and the length of • When you make a gift of an appreciated asset, there may be additional tax advantages. time you owned the property. Motives for Giving Capital Gains Tax is Optional Did you know that capital gains tax is an optional tax? While gifts of appreciated assets provide excellent tax You have three options that are correlated with this tax: benefits for many—that is just icing on the cake. Our experience is that most Christian stewards give: Option #1—pay the tax. • Due to of our love for God and our desire to express Naturally, this is the most expensive option. that love to those around us. Option #2—postpone the tax. • As an act of worship and gratitude to God. By holding appreciated assets, entering into an exchange of real estate under a special section • To fulfill the “gift of giving” (Romans 12:6-8). -
Modern Monetary Theory: a Marxist Critique
Class, Race and Corporate Power Volume 7 Issue 1 Article 1 2019 Modern Monetary Theory: A Marxist Critique Michael Roberts [email protected] Follow this and additional works at: https://digitalcommons.fiu.edu/classracecorporatepower Part of the Economics Commons Recommended Citation Roberts, Michael (2019) "Modern Monetary Theory: A Marxist Critique," Class, Race and Corporate Power: Vol. 7 : Iss. 1 , Article 1. DOI: 10.25148/CRCP.7.1.008316 Available at: https://digitalcommons.fiu.edu/classracecorporatepower/vol7/iss1/1 This work is brought to you for free and open access by the College of Arts, Sciences & Education at FIU Digital Commons. It has been accepted for inclusion in Class, Race and Corporate Power by an authorized administrator of FIU Digital Commons. For more information, please contact [email protected]. Modern Monetary Theory: A Marxist Critique Abstract Compiled from a series of blog posts which can be found at "The Next Recession." Modern monetary theory (MMT) has become flavor of the time among many leftist economic views in recent years. MMT has some traction in the left as it appears to offer theoretical support for policies of fiscal spending funded yb central bank money and running up budget deficits and public debt without earf of crises – and thus backing policies of government spending on infrastructure projects, job creation and industry in direct contrast to neoliberal mainstream policies of austerity and minimal government intervention. Here I will offer my view on the worth of MMT and its policy implications for the labor movement. First, I’ll try and give broad outline to bring out the similarities and difference with Marx’s monetary theory.