Numeraire Illusion: The Final Demise of the Kaldor-Hicks Principle

The result in this paper undercuts the major applications of the Kaldor-Hicks reasoning in the standard Chicago school (wealth maximization) of law and economics, cost–benefit analysis, policy analysis, and related parts of applied welfare economics.

Goodwill: Not a Present Property Right

This is a small article in a Dutch finance and accounting journal that makes a big point.

Economics, Accounting, and Property Theory

This is my first book. In order to develop a mathematical model of the stocks and flows of property inside a firm, I first had to give a math model of the usual double-entry accounting for the stocks and flows of the scalar value, and then generalize it to vectors of property rights.

Listen Libertarians! Concluding Part V

In this fifth and concluding part of the review of John Tomasi’s book Free Market Fairness, we look at the invisible hand mechanism of the property system (in contrast to the usual price system) which seems to be invisible to liberal scholars and social scientists since it does not give a satisfactory “account” of the current economic system based on the renting of human beings.

Listen Libertarians! Part IV

In this Part IV, we consider the rather fake “inalienable rights” theory of classical liberal/libertarian thought that is consistent with a civilized voluntary slavery contract, a nondemocratic pact of subjection, and a coverture marriage contract, all of which are outlawed in the advanced democracies.

Listen Libertarians! Part III

In this Part III, we consider the conceptual misunderstanding of what Tomasi calls “productive property” which allows the basic capitalism-versus-socialism misframing of the debate about the so-called “capitalist” system.

Listen Libertarians! Part II

In Part I of this series, we saw how Tomasi used the standard consent-versus-coercion misframing of the basic issues in his new book: Free Market Fairness. In this Part II, we consider the misframing involved in the treatment of property rights.

Listen Libertarians! Part I

This is Part I of a five part review of John Tomasi’s Hayek-Rawls remix in his new book: Free Market Fairness.

Inalienable Rights: Part III A Litmus Test for Liberalism

Surely it is not too much to ask a modern liberal theory of justice that it provide a coherent account of why some contracts, e.g., self-sale contract, should be deemed invalid and why the rights such contracts would legally alienate are inalienable. In that sense, the theory of inalienable rights provides a historical litmus test for liberalism.

Inalienable Rights: Part II Intellectual History

Where did the ideas behind the inalienable rights theory emerge in the history of thought?