The Rule of Law and Property Rights

Respect for the rule of law cannot simply mean a moral obligation to obey legislation. History is replete with too many examples of tyrannical legislation for that notion to pass muster. But if the rule of law does not mean obeying whatever legislators enact, what does it mean?

Murray Rothbard argued that this question must be answered by reference to ethical guidelines, which he constructed around the concepts of self-ownership and property rights. Rothbard conceptualized property rights as ina...