15 November 2010

It's the property, stupid

The market transacts not in things but in claims. The claims are social artifacts. For the market to work, the claims must be honored. For the claims to be honored, power must be exercised. The market works on the basis of the power that guarantees the honoring of the claims that are made and submitted to. 
It is about the property, not the utility behind the property. 

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