Abstract
Runge defines property rights as particular characteristics of property institutions that channel streams of net benefits to particular agents in a given situation. This definition provides a foundation for the discussions in all three papers. From a policy perspective, distribution of net benefits is an important issue. Economists have become more aware of their potential role in the policy debate. In order to participate in the policy debate, it is important to understand existing institutions. Batie adopts Shabman's three concerns in policy discussions: (a) the determination of a distribution of resources, (b) the development of appropriate values for society, and (c) the determination of legitimate roles of government in distributing and shaping values. The first concern actually presupposes that a fair distribution of resources is an appropriate value for society, and the second concern presumes that the development of appropriate societal values is a legitimate role of government. These concerns present a fairly accurate depiction of current political debate. To play a role in policy decision making, we need to begin to grapple with these concerns.
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