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Spring 2013

ISSN 0890-913X

Volume 28, Number 2

Categories: Spring 2013 | Politics

Property Rights: Private or Public? Evidence from the Boston Frozen Water Trade

David J. Hebert, Aquinas College

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TheJournalofPrivateEnterprise28(2),2013,111–123PropertyRights:PrivateorPublic?EvidencefromtheBostonFrozenWaterTradeDavidJ.Hebert*GeorgeMasonUniversityAbstractManyeconomistsagreethatmarketsworkexceptionallywellyetconcedethatthiscanonlyhappenwithinthecontextofclearlydefinedpropertyrights,whichnecessitatesgovernmentaction.Thisisfalse.Iceharvestersin19thcenturyBostonwereabletocreatetheirownsystemofpropertyrightsthatallowedeachpersonaroundthepondtothickeniceasneeded.Indoingso,thispapercontributestoagrowingliteraturedemonstratingnotonlythatpropertyrightscanbeprovidedprivately,butthattheyservethefunctionofidealstate-providedpropertyrights.JELCodes:N52,N72,N92,O30Keywords:Propertyrights;Technologicalchange;Self-governance;IceI.IntroductionImaginethatyouarelivinginCalcutta,India,in1837andamanwithathickBostonaccentoffersyousomeicecream.Thereisnosuchdeviceasarefrigerator,letaloneafreezer,andyethereisthismanofferingyouacold(anddelicious)treat.Howdiditgetthere?Economistsrightfullytrumpetthepowerofmarketstoallocateresourcesefficientlythroughthesystemofprofitandloss.However,thesesamescholarswillfrequentlyconcedethatthisisonlypossiblewithinaworldofdefinedandenforcedpropertyrights.Infact,mosteconomicstextbooksimplicitlyassumethatpropertyrightssimplyexistandproceedtodiscusseconomicperformancefromthatstandpoint.Incaseswherepropertyrightsareunclear,theythentakeagod’s-eyeviewinsuggestingthatthiscanberesolvedwiththe*TheauthorwishestothankPeterBoettke,ChristopherCoyne,PeterLeeson,EdwardStringham,andseminarparticipantsatGeorgeMasonUniversity,theAssociationofPrivateEnterpriseMeetings,andtheSouthernEconomicConferenceforhelpfulcomments.ThegenerousfinancialsupportoftheMercatusCenterisgreatlyappreciated.Allremainingerrorsaremyown.111

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Metadata [hide]

Title	Property Rights: Private or Public? Evidence from the Boston Frozen Water Trade
Authors/Creators:	David J. Hebert, Aquinas College
Year:	2013
Volume:	28
Number:	2
Pages:	113 - 123
Publisher:	The Association of Private Enterprise Education
ISSN:	0890-913X
Document Type:	Articles
Keywords:	Political Science, Property rights, Technological change, Self-governance, Ice, Commons,

Citation:
Hebert, David J. / 2013. "Property Rights: Private or Public? Evidence from the Boston Frozen Water Trade." The Journal of Private Enterprise, 28(2): 113-123.