Eco 11-21 - Economics Notes 11/21/07 1. Property Rights a....

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Economics Notes 11/21/07 1. Property Rights a. Ranges of Property Rights i. Private Property 1. Maximizes Profit ii. Common Property iii. Open Access 1. Profit = 0 b. Even though Private Property is preferred to open access, the latter is still common place c. When cost of establishing/maintaining Property Rights are high, then we end up w/ open access d. Homesteading i. In U.S., frontier states like Oklahoma, Kansas, etc. were considered valuable 1. The U.S. government wanted to establish PR on these areas. 2. But U.S. didn’t have the man power necessary to protect it against claims by Indians, etc. ii. The Governments solution to all this was homesteading 1. Government offered Free land if citizens took to the frontier a. Offered on a first come first serve basis iii. Why Homesteading? 1. It was an effective way of getting people to the frontier 2. Brought about large number of citizens on the frontier a. Superior to simple land sales because it forced families to protect their land
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This note was uploaded on 04/07/2008 for the course ECO 2302 taught by Professor Smith during the Spring '08 term at University of Texas at Dallas, Richardson.

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Eco 11-21 - Economics Notes 11/21/07 1. Property Rights a....

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