Panel 3 Q&A: Discussion on Balancing Private Property and Community Rights
Dana Berliner, James S. Burling, Steven J. Eagle, Richard A. Epstein, Gideon Kanner, James E. Krier, Thomas W. Merrill, & Marc Poirier
EPSTEIN. I want to make some observations about what Marc said about the relationship of process to property rights. One of the key consequences of his position is that the just compensation element simply disappears from the equation. We are thus left with a pure administrative state model in which a broad class of stakeholders each seeks to gain the largest share of a pie that shrinks with each additional move. Historically, we know very well that when those games get played, the transaction costs consume most of the potential gains.
4 BRIGHAM-KANNER PROPERTY RIGHTS CONF. J. 229 (2015)