On this episode of Free Range, host Mike Livermore is joined by Lee Fennell, a law professor at the University of Chicago and author of Slices and Lumps: Division and Aggregation in Law and Life,.

The conversation begins with a discussion of the role of aggregation in law. Fennell explains that in many other contexts, resources only provide value when they are combined into usable chunks. Property law can be understood as balancing two competing concerns – facilitating the aggregation of recourses to create value (on the one hand), and avoid too much aggregation, which can create opportunities for free-riding (0:36-18:13).

Fennell explains how property law helps individuals and groups create stream of benefits. Property law is distinctive, in part, because it involves the concept of ownership. But property's traditional model of ownership doesn't always fit modern needs to solve new collective action problems. Ideally, property owners have some power over their property – and confidence that their rights will remain stable, while also not being able to impede how things are put together for the greater good. Stability is important for property owners, but the world is dynamic. Culturally, there's a conflict between the idea that property ownership involves absolute control and the reality that it's constrained by regulations and external factors. A major challenge for the future is to redefined concept of property in a way that's more adaptable but still aligns with people's expectations of stability. One solution could involve allowing ownership interests over certain benefits (like housing) but not fixed to a specific physical footprint (like a particular house), providing flexibility while maintaining stability (18:14- 37:35).

Fennell is interested in how private and entrepreneurial efforts can work alongside existing property concepts to find ways to address challenges. This includes utilizing law to facilitate voluntary transactions and dynamic property management. However, Livermore points out that government coercion is inherent to property law. Fennell describes the challenge as transitioning from traditional property expectations to more flexible models that encourage voluntary interactions and entrepreneurial solutions, adapting property arrangements to address today's urban and environmental challenges.

In reimagining property systems, two major changes could be considered: first, making property ownership less permanent and allowing for adjustments; second, moving away from fixed geographic locations and making property rights more dynamic. This could involve creating options for property ownership that can be called back or reconfigured under certain conditions and enabling more flexibility and collaboration among owners for potential redevelopment. Another approach might involve concentrating property under a single owner who can then rearrange holdings, but this approach comes with its own challenges of concentration and scale. These ideas aim to introduce more adaptability and responsiveness to property systems while still maintaining individual ownership. Lastly, addressing inequality through property involves considering how services are created and distributed, as political decisions and public goods shape property's value and impact; illuminating these dynamics can help reveal alternative ways to configure property for a more equitable outcome (37:36- 1:02:27).