Evaluate the role of private property rights in a pure market economy. Provide two examples of how we enforce private property rights in our economy and how that leads to economic growth?

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OC4218648Lv10

9 Dec 2021

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Chika IlonahLv10

29 Sep 2019

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The structure of property rights can determine how natural resources are used. In general, economists argue that private property rights regimes are more likely lead to an efficient allocation of the resource. However, private property rights are difficult to achieve with some resources and other property rights systems either naturally emerge or, due to the absence of private property, take precedence.

(A) What are the characteristics of private property and why do economists believe these characteristics lead to efficient allocation of the resource?

(B)Can you think of actual situations where private property rights are bounded (limited) by the government or other stakeholders who may have an interest in how private property is used? Why have these situations arisen and what might be the implication for how the resource in question gets used?

(C)What are the other property rights systems we have discussed in class?

(D)Describe actual situations where these types of property rights systems exist.

What is the explanation of this statement: "While it is possible to argue that democracy is not a necessary pre-condition for a free market economy in which property rights are protected. Subsequent economic growth often leads to the establishment of a democratic regime."