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Most people understand the right to property better in practice than in theory. This was vividly illustrated by economist Gordon Tullock in a class he taught at the University of Virginia in the late 1960s. An undergraduate student in his class said that there was no such thing as property rights;…. So Gordon grabbed the student’s wallet. The student asked him to give it back, figuring presumably, that his simple request would get him his wallet back. But Tullock refused, saying that if there was no such thing as property rights, how could he, the student, own this wallet that he claimed as his. (en) |
