Economics

Economics

Property Rights

Property rights is a concept that is said to be a primary requirement when it comes to a capitalist oriented economic system however it should also be noted that it is one of the most misunderstood concept. For years, the critics in the United States have argued over the fact that property rights at times tend to railroad the human rights since it is given more priority. It is because of the precedence of one over the other that is bound to give rise to inequality. But the conflict amidst the two schools of thought is thought of as a mirage. Human rights and property rights go side by side.

It is said to be an authority that has exclusivity in terms of determining how a resource should be utilized regardless of the fact that it is government-owned or personally-owned. It is the society which is said to approve the mode of utilization of the property holder which is simultaneously characterized by governmental administered force and tagged with ostracism. Agent who owns the government property is to operate under set laws United States. When it comes to personal property, the holder of the property has the right to determine the usage and the future of the property. This can be termed as the right to identify the usage. He in turn also has rights to resource service.

Basically, when it comes to summarizing the property rights, it can be stated that there are three whole elements that are involved in private property and they are:

Exclusiveness of rights to choose resource utilization

Exclusiveness of rights in terms of service of the resource

Exchanging the rights based on mutually agreed terms (Alchian, 2008).

Economics and Law

Economics and Law is also said to be known as the economic analysis of law which is said to be ...