Property and Liability Rules
{"Image DocumentName": "Property and Liability Rules", "Image ImageDescription": "If you are protected by a property rule, you can go to court and get an injunction to stop someone from doing X. (court of common law). Good if transactions are cheap. Examples: Patent infringement, someone building a house on your land, someone stealing your car. If you are protected by a liability rule, you can go to court and get damages from someone who has done X. (court of equity) Good if courts are cheap. Examples: tort suits for personal injury, damages for breach of contract. Calabresi, Guido & Melamed, Douglas, Property Rules, Liability Rules and Inalienability: One View of the Cathedral , 85 Harvard Law Review 1089 (1972).", "Image XResolution": "37", "Image YResolution": "37", "Image ResolutionUnit": "Pixels/Centimeter", "Image Software": "SlidePlayer", "Image YCbCrPositioning": "Centered"}