Description
Hume and Hayek on the Nexus between Property Rights and FreedomAdditional information
David Hume posited that confined generosity and limited scarcity of resources create an environment where property rights emerge. Hume added that these rights could effectively promote social and economic interactions if general rules of property, stability of possession, transference by consent, and performance of promises are preserved. A successful property system should be consistent with this basic order. Otherwise, individuals’ passions may undermine property rights and threaten social welfare. Similarly, F A Hayek explored the nexus between individual freedom and various aspects of property rights. Hayek emphasised that dispersed knowledge weakens interventionism and gives rise to decentralisation. For Hayek, the recognition of property rights is an effective tactic to advance markets and strengthen competition, which in turn provides more freedom. Government interference to enlarge the public sphere on grounds of protectionist policies and national security concerns is counterproductive. It is argued that Hume and Hayek provide distinct but mutually supporting accounts of the foundations of property rights. Together, their theories supply a persuasive justification for recognising private property, as well as illuminating the connections between property rights and freedom.| Period | 18 Jul 2024 → 19 Jul 2024 |
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| Event type | Conference |
| Location | Melbourne, Australia, VictoriaShow on map |