What is the basis of property rights? In the inaugural episode of our series on Common Law, Professor Richard Epstein of NYU School of Law lays out a few simple principles that govern the acquisition and use of property. Professor Epstein provides an alternative to the conventional view that property rights are arbitrarily created by the state, and therefore can be changed at will by the state; a few simple rules, he argues, are universal principles of social organization, consistent across time and culture, which form the basis of social gains. https://youtube.com/watch?v=WSNTJ8Lh6A4