A Theory of Inalienable Property Rights
解释民主社会为何常对个人资产或权利施加不可剥夺的法律限制，认为这是对金融市场运作过好、可能破坏基本生活保障政策的制度回应。
Why do democratic societies often impose legal restrictions that render various assets or entitlements inalienable to the individual? The explanation proposed here is that these constraints arise as an institutional response against financial markets that, in a sense, work "too well." That is, I demonstrate how a well-functioning financial market can potentially work against a social policy designed to ensure a basic minimum standard of living for all types of individuals. Inalienable property rights and debt constraints emerge as a natural institutional response to the improvident tendencies of some members of society when a majority of individuals share a common distaste for neighborhood squalor.