Richard Allen Epstein

Richard Epstein rocked the legal-academic world in 1985 with his property-right manifesto, Takings: Private Property and the Power of Eminent Domain. Supreme Neglect is essentially a greatly condensed and somewhat updated version of that earlier work, minus footnotes. If you were enthusiastic about Epstein's original message concerning the vital importance of protecting property rights against state encroachment, you'll probably like Supreme Neglect. If you found Epstein unconvincing in 1985, you'll probably find him more so now.

One topic covered in the new book that was not discussed 24 years ago is intellectual property. Unfortunately, Epstein does not give a convincing explanation of why, if the state can create and modify "property rights" in the form of patents and copyrights at will, it should not have the mirror-image power of constraining or eliminating traditional property rights like land ownership as it sees fit. Since his account of property rights rests upon their economic utility, rather than upon the nature of man or the requirements of natural law, Epstein's case for upholding these rights against state usurpation boils down to: abrogating property rights is bad for business. Some readers will find this to be a compelling argument, but I think stronger ones could be advanced.… (meer)

What I especially appreciate about Epstein is the he can argue so clearly for his principled approach, without having to resort to ranting about specific examples. Richard Epstein explains how simple concepts of law have been subverted by complex rule-making, resulting in economic inefficiencies driven by ambiguity, defensive tactics, and poor allocation. x: "But how seriously can one take a legal system that devotes more of its intellectual ingenuity to identifying and correcting market failures resulting from asymmetrical and imperfect information in employment than to containing violence on the street?" The 6 simple rules are: Individual self-ownership, 2. first possession, 3. contract, 4. torts, 5. necessity, coordination, and just compensation, and 6. take and pay (and the 7th for tax law would be "flat tax").… (meer)