… Philosophers, economists, lawyers, and the public continue to use the terms ‘property’ and ‘contract’ to describe our shared economic system, even though this system has long since transformed into something different. We are no longer clearing land for small farms over which we have ‘sole and despotic dominion’; rather we are working alongside others for compensation that includes various public and private insurance programs as well as retirement savings that ultimately reside in sophisticated financial instruments … (more)
[Christopher Yeomans and Justin Litaker, Blog of the APA, 12 August 2024]
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