Ownership is not actually a necessary concept. De jure ownership (“name on title”) is a legal fiction that you can easily chip away at via secondary fictions that distribute risk of name-on-title in a zillion ways. Insurance is paying someone to take over a risk fraction for eg.
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Even a scheme as elemental as say land titles in a purely Georgist/LVT regime is not a pristine embodiment of “ownership”. You can bolt creative rent-like schemes on top of it.
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At the other limit, “public” ownership of a commons is not a necessary relationship with an asset but a set of mutual expectations among humans about human behavior in relation to that asset. You don’t sue squirrels for trespassing on “your” land for example.
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As a commenter points out, rent-over-own really only works for standardized things. This is actually the risk point in disguise. For standardized things there is no information asymmetry that can be exploited *at that level* to informationally distinguish renter and owner
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What do you think is the solution to rent-over-own only really working on things that can be easily standardized? Eg. there are 50 apartments broadly like mine available for rent, and only one is unfurnished; I want to use my own unusual bed, so my options are extremely limited.
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Standardize more things?
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I’d generalize this to all homes. Renting & buying have approx the same day-to-day operational control.
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Ecomomically - almost by definition - long term rental costs exceed long ownership costs IF 100% utilization is economically beneficial. The exceptions being certain ROC calcs.
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Thought about this recently. Beyond owning enough for basic comfort and security it sounds true. Put this perspective on investors: renting capital as a leverage to amplify your decision making (and get the pleasures of playing high stakes while limiting risk).
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