Hohfeld relations and spielraum for action

Abstract

The paper intends to show, (1) that W. N. Hohfeld's theory of fundamental jural relations is relevant to economic theory, and (2) that Hohfeld's system can be reconstructed by the concepts of 'liberty space' and 'ability space', understood as an agent's Spielraum for action. The first half of the paper is devoted to an exposition of Hohfeld's system and to the question of its relation to the economic analysis of property rights. The second half concerns Spielraum theory and the reformulation of Hohfeldian distinctions in terms of liberty spaces and ability spaces. It is argued that the reformulation is useful, inter alia, for describing exchange of property rights by contract.