MERE POINTS OF VIEW What is the difference between Trust, Property Rights and Li

MERE POINTS OF VIEW

What is the difference between Trust, Property Rights and Liberty?

Well, trust is the name for the experience of low risk, and low risk is the name for low transaction costs. Now, an economists whose theoretical basis evolved during the era of mass production, or the generations that followed him, would perhaps also include information and monetary and political costs, but those in my generation would also include costs of investigating the reliability of any other individual as a trading partner. But in practical terms trust-en-toto is the name we use for the warranty of property rights, rather than trust in an individual to warranty his own actions.

Property Right is the term we use to positively label our normative warranty granting one another reciprocal insurance against free riding, and for providing the institutional means of resolving insurance claims for violations of the prohibition on free riding.

Liberty is the term we use for the experience of our normative warranty granting one another reciprocal insurance against free riding by members of the government which we have chartered with the special duty of preventing free riding. Liberty is the term then for the experience of living in conditions where peers use violence to prevent the violation of property rights by the conspiratorial monopoly of the state.