Note: This class has two separate parts. It is fairly long and ambitious and thus a bit longer than most of the other classes.

Part 1: In this part we learn the importance of a good structure and definition of property rights. A market cannot function well without property rights. In this sense property rights are the “mother of all instruments”. This should not be taken to mean that private property is the only form that is viable. We will also discuss the use and viability of state property and Common property resources.

I found a nice new text by John Locke: https://www.marxists.org/reference/subject/politics/locke/ch05.htm that can be recommended on this history of "property".

Part 2: In this part we introduce you to the economics of dynamic optimisation: the management of resources over time.

Reading: SC, Ch. 3 & 22 (in particular pp 414-419)

Sterner & Coria, Chapter 3.pdf

Sterner & Coria, Chapter 22.pdf

AI podcast:

Thomas