THEORIES UNDER THE THEORETICAL FOUNDATION OF PROPERTY LAW Flashcards
Which theories are essential to understand IP law?
Economic theory
Natural rights theory and labor theory
Legal theory
Public goods theory
How does John Locke see rights and law?
John Locke considers rights to be inherent, a faction of human dignity and God-given. The law comes in to recognize the existence of the rights and not to grant them.
What are the premises for John Locke?
a. Every man has property in his person because human dignity is inherent to man.
b. Every man has property in their output (labor).
c. Every man has property in their labor mixed with the resource.
d. Every man has property in the resource/mixture to the extent of the mixture.
When does the legal reality arise in the natural rights and labor theory, IP law and John Locke’s premises?
Knowledge is required hence efforts are recognized for the law to protect you.
How should value be taken in the economic theory and which theory directs this?
It should be based on utility.
Utilitarianism theory.
How should property be used?
To maximize utility.
What is the metric for utility and why is allocation of resources driven by those willing and able to pay the maximum value?
Monetary which is why allocation of resources driven by those willing and able to pay the maximum value?
Utilitarianism affects which aspects of the society?
Economic and social
In the economic theory, law and social policies are designed in what way?
In a way that maximizes the welfare of society.
What is the main criticism relating to the utilitarianism theory?
You cannot
How does Adam Smith characterize the free market?
He uses the invisible hand which is the forces of supply and demand. These forces handle allocation of resources in the market.
What is required in the free market?
The creation of a framework that allows people to allocate value in a way that reinforces the natural forces.
How is the gap created by the lack of a system to value/measure happiness?
Through the use of a monetary value system.
What were the two assumptions made when looking at how property was owned in the Tragedy of Commons?
a. Terra nullus which was unowned property with open access to all.
b. Res communes which means property was communally owned.
What was the key premise made in the Tragedy of Commons?
Lack of control over the resource will result in overuse of the resource and the depletion of the resource.
