Property: “..the three [necessary] elements of private property are: (1) exclusi

http://marginalrevolution.com/marginalrevolution/2013/02/armen-alchian.htmlPrivate Property: “..the three [necessary] elements of private property are:

(1) exclusivity of rights to choose the use of a resource,

(2) exclusivity of rights to the services of a resource, and

(3) rights to exchange the resource at mutually agreeable terms.”

(We libertarians tend to say that Private property is a monopoly on the use of the self, those things that are homesteaded, or which are obtained by voluntary exchange.)

The Third Law of Demand: (Shipping Out The Good Apples): “…when the prices of two substitute goods, such as high and low grades of the same product, are both increased by a fixed per-unit amount such as a transportation cost or a lump-sum tax, consumption will shift toward the higher-grade product. This is true because the added per-unit amount decreases the relative price of the higher-grade product.”

(For those who don’t know the three laws of Demand, here are 1 and 2.)

The Second Law Of Demand: (Price Elasticity Over Time) “…demand is more responsive to price in the long run than in the short run.”

The First Law Of Demand: (Supply vs Demand) : “..all else being equal, as the price of a product increases, a lower quantity will be demanded; likewise, as the price of a product decreases, a higher quantity will be demanded.”