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Private Creation of Private Property Rights (Or, Curing the Boston Commons)

Posted By Don Boudreaux On December 18, 2006 @ 6:15 am In Complexity & Emergence,Law,Markets in Everything | Comments Disabled

Editorialists at the Boston Globe are skeptical of the plan — for rather vague reasons of "fairness" — but here’s a neat way [1] that private, innovative entrepreneurship might cause scarce parking spaces in Boston to be used more efficiently.

Although the details differ enormously, this idea reminds me of Fred McChesney’s article [2] on parking spaces in snow-bound Chicago.  In both cases, as a valuable commodity (parking spaces) becomes more scarce, private efforts and coordination develop ways of creating private property rights in goods that otherwise would remain free-access goods.

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[1] here’s a neat way: http://www.boston.com/news/globe/editorial_opinion/editorials/articles/2006/12/18/what_price_parking/

[2] Fred McChesney’s article: http://www.econlib.org/library/Columns/Mcchesneysnow.html

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