Common Law
The livestock owner would have responsibility (Fence In)
Branding
Owning cattle with marks on them allowed cattle to graze freely.
Externality
A cost or benefit of an economic activity that affects people who are not directly involved in the transaction.
Fencing Law
Laws that determine who is responsible for keeping livestock off another person’s property.
Lawful Fence
A fence that meets the legal standards set by local or state law — usually describing height, materials, and construction quality.
Excludability
The ability to prevent people who don’t pay for a good or service from using it.
Creative Destruction
The process by which innovations replace old industries, businesses, or technologies, driving economic growth but also causing short-term disruption.
