1. According to the conclusion to Chapter 4, “. . . property rights are part of the law that… 1 answer below »

1. According to the conclusion to Chapter 4, “. . . property rights are part of the law that makes owners internalize the social costs and benefits of alternative uses of the goods that they own.” Torts are also an essential part of that law. Explain why.

2. Suppose that a person who is burned in an accident suffers intense pain for 1 week and then fully recovers. What does “perfect compensation” mean in principle as applied to the burn? Why do you expect actual compensation to be imperfect?

 

 

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