Enforcing Property Rights: Shared Refrigerator Edition

In the past two weeks, my students and I have been discussing the importance of property rights. One message: creating property rights isn’t enough. You also need a way to enforce those rights; otherwise, they may be meaningless.

Which brings us to the universal problem of shared refrigerators. At Georgetown, our refrigerator has a big handwritten sign that says, in essence, “Don’t Take Other People’s Food.” I wonder how well that works?

I learned about another solution from many Facebook friends this morning (see also this post by Tyler Cowen): a sandwich bag with trompe l’oeil mold:

The bag reminds me of a sign in a gem/jewelry store in Australia. The entrance was like walking through a mine shaft with all sorts of quartz crystals sticking out of the wall. Rather than ask the customers to please not touch the crystals, the store had a sign that said: “Danger, the crystals contain poison. Do not touch.” When I asked, the proprietor confessed that the crystals were harmless, but they had to fib in order stop customers from trying to break off the crystals.

About Donald Marron 294 Articles

Donald Marron is an economist in the Washington, DC area. He currently speaks, writes, and consults about economic, budget, and financial issues.

From 2002 to early 2009, he served in various senior positions in the White House and Congress including: * Member of the President’s Council of Economic Advisers (CEA) * Acting Director of the Congressional Budget Office (CBO) * Executive Director of Congress’s Joint Economic Committee (JEC)

Before his government service, Donald had a varied career as a professor, consultant, and entrepreneur. In the mid-1990s, he taught economics and finance at the University of Chicago Graduate School of Business. He then spent about a year-and-a-half managing large antitrust cases (e.g., Pepsi vs. Coke) at Charles River Associates in Washington, DC. After that, he took the plunge into the world of new ventures, serving as Chief Financial Officer of a health care software start-up in Austin, TX. After that fascinating experience, he started his career in public service.

Donald received his Ph.D. in Economics from the Massachusetts Institute of Technology and his B.A. in Mathematics a couple miles down the road at Harvard.

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