1. Chapter One: Introduction -- 2. Chapter Two: Self-Ownership and Property Rights -- 3. Chapter Three: Legacies of Injustice and Racial Inequality -- 4. Chapter Four: Property Rights and the Rule of Law -- 5. Chapter Five: Capitalism, Markets and Economic Equality -- 6. Chapter Six: Conclusion.

Renewable resources can provide society with (i) resource rent, (ii) consumer surplus and (iii) worker surplus in resource harvesting. In a dynamic analysis we show that privatization increases the present values of consumer surplus and worker surplus if harvesting costs do not depend on the...

Renewable resources provide society with resource rent and surpluses for resource users (the processing industry, consumers) and owners of production factors (capital and labor employed in resource harvesting). We show that resource users and factor owners may favor inefficiently high harvest...