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The right to private property was a ..
Smith’s statement of the purpose of government is 18th century in its formulation. It is as descriptive as normative. Protecting private property is just what government did first and foremost. As Bethell explains, economists “assumed a political and legal framework comparable to that found in eighteenth-century Britain, but they neither insisted on the point, not did they spell it out in detail.” In France, Jean-Baptiste Say had a chapter on property in his Treatise on Political Economy. Apparently, the experience of the French Revolution motivated Smith to focus on the importance of property rights. That experience also profoundly affected such English political thinkers as Edmund Burke. The neglect by the British political economists that Bethell chronicles remains puzzling.
Armen Alchian, Ronald Coase, and Harold Demsetz founded the modern property rights school of economics. They sought not only to delineate the importance of a system of private property rights to the effective functioning of an economy but to identify the circumstances that lead to the assignment and formation of property rights. Alchian stated:
Property Rights and Human Rights: Winning Essay
Historical economic development can only be explained by private property, the rule of law, and other key institutions. Classical economists understood this, but didn’t emphasize what they took to be obvious. As economics matured as a discipline in the 19th century, ideas critical of property rights began to take hold. In the 20th century, economists became enamored of macroeconomics and technique over microeconomics and institutions.
Exporting a country’s system of private property rights ultimately entails exporting its history and political culture. That has not been done successfully, other than through colonialism, and then only effectively in the case of the British Empire. History does not repeat itself, and the American political culture finds colonialism alien. So the scope for effective official assistance in this process is limited.
Economic History Of Property Rights Essays 1 - 30 Anti …
To guard a man'shouse as his castle, to pay public and enforce private debtswith the most exact faith, can give no title to invade aman's conscience which is more sacred than his castle, orto withhold from it that debt of protection, for which thepublic faith is pledged, by the very nature and originalconditions of the social pact.That is not a just government, nor is property secureunder it, where the property which a man has in his personalsafety and personal liberty, is violated by arbitraryseizures of one class of citizens for the service of the rest.
Prosperity and property rights are inextricably linked. The importance of having well-defined and strongly protected property rights is now widely recognized among economists and policymakers. A private property system gives individuals the exclusive right to use their resources as they see fit. That dominion over what is theirs leads property users to take full account of all the benefits and costs of employing those resources in a particular manner. The process of weighing costs and benefits produces what economists call efficient outcomes. That translates into higher standards of living for all.
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Life death and property rights Essays
The informal sector is an outlet for entrepreneurial activity in repressed economies. That sector is a safety valve for the poor and economically disenfranchised. Nonetheless, it can itself attenuate private property rights. When “knockoffs”—goods violating copyright and trademarks—are sold on the black market, producers of the originals suffer. This is not an argument for harassing entrepreneurs in the informal sector, but for reforming the policies that channel entrepreneurs onto the black market.
Privacy and Property Rights | Rights | Constitution USA | …
As Chafuen and Guzmán analyze it, corruption attenuates property rights by making them insecure. In a politically corrupt society, the ability to open a business and continue to operate it is governed not by rules, but by bureaucratic whim. The rule of men is substituted for the rule of law. The greater the degree of corruption, the less secure are property rights. One would certainly `expect a negative correlation between the security of private property and the level of corruption.
Property and intellectual property rights - Essay UK …
Building strong property rights systems in poor countries is no easy task. Establishing a democratic form of government is no guarantee of a strong private property rights system. There are plenty of poor, illiberal democracies that violate or attenuate private property rights with abandon, Argentina being the most recent and flagrant example. Nor is it clear that democracy is a necessary condition for the protection of property rights since property rights have been strongly protected under dictatorships (Chile) and by outside authority (Hong Kong). Yet the strongest systems seem to be in wealthy, established democracies. The source of their success stems not from strong governments but from governments focused on protection of property and individuals’ use of that property in commerce. In Hayek’s words:
Constitutional Rights, Property Rights, and Private …
Individuals in all societies have conflicts of interest. One way conflicts are resolved is through competition. The property rights system in a society defines the permissible forms of competition. A private property system gives the exclusive right to individuals to use their resources as they see fit and to voluntarily transfer them. Such a system prohibits force and encourages cooperation. Indeed, economic competition is a system of social cooperation. The broader and stronger the protection of private property rights, the more effective prices are at allocating resources, and the more effectively resources are allocated, the greater the wealth creation.
Interllectual Property Rights Essay
The two essential elements of property rights are (1) the exclusive right of individuals to use their resources as they see fit as long as they do not violate someone else’s rights and (2) the ability of individuals to transfer or exchange those rights on a voluntary basis. The extent to which those elements are honored and enforced will determine how effectively prices in an economy will allocate goods and services. Both experience and theory indicate that economies with effective price systems are better at producing wealth. In short, the stronger the private property rights system, the better the economy is at efficiently allocating resources and expanding wealth creating opportunities.
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