Good analysis of yours to Torie @ # 19:
"For someone familiar with the term "externalities," you are surprisingly hasty. Risk associated with uncertainty regarding property rights is an enormous negative externally. In the limit, when property rights are not enforces at all, you arrive at the Hobbesian nightmare.
"So, if you want to take into account externalities, then take into account all known ones. As soon as you include that which stems from the owner's uncertainty about his rights to the property in his possession, it will outweigh any other positive ones you may come across."
"Make Tories proud --- be consistent."
My comment: Well put!
Many thanks for your kind words.