(2008), ISSUE 1,
Contributions to Pragmatic Consequentialist Legal Theory
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La propiedad inconclusa
Alfredo Bullard González, Pontificia Universidad Católica del Perú
Alfredo Bullard González
"La propiedad inconclusa",
The Latin American and Caribbean Journal of Legal Studies:
There's an important principle standing in the way of government takings. It's the idea of property rights, which protects against the taking of legitimately owned property. Its importance can hardly be overstated. Without it there's no incentive to make sunk investments, as they can simply be taken away. The lack of investment apparent in the developing world is partly due to the lack of legislation to protect investors' property. Property rights give people the incentive to make investments of their own labor, as well as capital investments. The problem for economists around the world is becoming how -- not whether -- to introduce and protect private property rights that will bring investment and local incentives for productivity. This article suggests that property rights may be expanded by abrogating the numerus clausus, Latin for "closed number," of property rights allowed in civil law.
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