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第八届华政杯全国法律翻译大赛初赛试题第八届“华政杯”全国法律翻译大赛初赛试题试题1（519words）AppreciatingtheroleofpropertyinpromotingpublicwelfarenecessitatesrejectingtheBlackstonianconceptionofpropertybecausemarketfailuresandthephysicalcharacteristicsoftheresourcesatstakeoftenrequirecurtailinganowner’sdominionsothatownershipcanproperlyservethepublicinterest.Asimilarlessonemergesfromtherobusteconomicanalysisoftakingslaw.Thisliteratureindeedshowsthatcompensationisattimesrequiredtopreventrisk-averselandownersfromunder-investingintheirpropertyandtocreateabudgetaryeffectthat,assumingpublicofficialsareaccountableforbudgetmanagement,forcesgovernmentstointernalizethecostsoftheirplanningdecisions.Theseconsiderationsareparticularlypertinenttoprivatehomeowners,whoarenotprofessionalinvestorsandwhohavepurchasedasmallparceloflandwiththeirlifesavings,aswellastomembersofamarginalgroupwithlittlepoliticalclout.Butprovidingprivatelandownersandpublicofficialswithproperincentivesalsoimpliesthat,inothercases,fullcompensationshouldnotbegranted.Whereapieceoflandisownedaspartofadiversifiedinvestmentportfolio,fullcompensationmayleadtoinefficientoverinvestment,whilethepossibilityofanuncompensatedinvestmentislikelytoleadtoanefficientadjustmentofthelandowner’sinvestmentdecisionscommensuratewiththeriskthatthelandwillbeputtopublicuse.Similarly,landownerswhoaremembersofpowerfulandorganizedgroupscanusenon-legalmeanstoforcepublicofficialstoweightheirgrievancesproperly.Anindiscriminateregimeoffullcompensationmaythereforedistorttheofficials’incentivesbysystematicallyencouragingthemtoimposetheburdenonthenon-organizedpublicoronmarginalgroups,evenwhenthebestplanningchoicewouldbetoplacetheburdenonpowerfulororganizedgroups.Theabsolutistconceptionofpropertyandthestrictproportionalitytakingsregimearealsoanathematothemostattractiveconceptionsofmembershipandcitizenship,whichinsistonintegratingsocialresponsibilityintoourunderstandingofownership.Theabsolutistconceptionofpropertyexpressesandreinforces
