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No one has taught us as much about law and economics as Calabresi, and nowhere so much as in the "Property Rights" article he wrote with Douglas Melamed twenty years ago. While the insights of that piece still retain their clarifying power, it's time for a reassessment. In giving us a newly empowered vocabulary and a mode of analysis, Calabresi and Melamed gave us a somewhat flawed picture of the world.



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