Re: First acquisition (AC question)
[ QUOTE ]
[ QUOTE ]
I told you they are defined using the same method. It's called the market. It defines what property rights are to minimize costs, and it would define what abandonment means, for the same reason.
[/ QUOTE ] So the hubub is about replacing one arbitrary definition of property to a different arbitrary definition one? I'm not very excited about that.
[/ QUOTE ]
First appropriation and voluntary exchange is not arbitrary. On the contrary, it's the only system of property assignation that is not arbitrary or subjective. It is objective.
Defining property "abandonment" is clearly inherently subjective. But again, whether you like it or not, the market sorts these things out to minimize costs.
|