[Modern Economic Problems by Frank Albert Fetter]@TWC D-Link bookModern Economic Problems CHAPTER 2 9/38
However, that type of natural-right doctrine, which makes no appeal to experience and results, is now quite discredited in political science. Another form of natural-rights theory is that property is necessary for the realization of the dignity of human nature and every individual has the natural right to self-realization.
This theory is, in a way, based on an appeal to experience, as to the effect of property on human character, and it has the virtue of expressing one of the ideals of modern democracy.
Altho, in common with various other "natural-rights" theories, it must be deemed too absolute and too individualistic, it contains a far-reaching truth, of which due account must be taken in our social philosophy. The legal theory is that property exists because the law says it shall.
This expresses a truth, but is no more than a truism.
The law determines the limits of property, but what determines the limits of the law? What practical or social justification is there for passing and continuing such law? The legal theory does not contain a final explanation.
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