Tuesday, November 20, 2007

Private Property and Socialism

Here's an interesting back and forth between Gary Becker and Richard Posner on China's slow embrace of private property--or what passes for private property rights in China anyway.

Fitting since we will soon be covering economic policymaking in 2302. Among the first decisions a society makes is the extant of individual ownership and control of property. Haggling continues of course (witness our current debate over health care policy).