A Libertarian Theory of Contract: Title Transfer, Binding Promises, Inalienability

The theory of property specifies how to determine which individuals own—have the right to control—particular scarce resources. By having a just, objective rule for allocating control of scarce resources to particular owners, resource use conflicts may be reduced. Non-owners can simply refrain from invading the borders of the property— that is, avoid using the property without the owner’s consent.

Volume 17, Number 2 (2003)