- Video
Limits on Property Rights: Reciprocity and Externalities
Is everyone entitled to use their own property however they wish? Professor Donald Kochan explains that there are limits to property usage, based on how the use might affect someone else. This is the concept of negative externalities. While this might seem like an unreasonable burden on the property owner, property law also relies on the concept of reciprocity which imposes the same responsibilities on other parties also. In exchange for not causing externalities, a property owner is also free from externalities that might be caused by others. https://youtube.com/watch?v=HAuukD_9NR4