At the heart of the neoclassical view is that free markets are not only efficient but are also just since they guarantee property rights and liberty. The state in this framework should act like a nightwatchman. Explain. Draw on Hale to discuss the Legal Realist critique of the neoclassical theory of property and liberty as well as the LPE approach to property. A good answer should discuss the question of absolute property rights and why that matters for the public/private distinction debate between the two perspectives.
Sample Solution
