StudentShare solutions
Triangle menu

Property and its Economic Explanation - Essay Example

Not dowloaded yet

Extract of sample
Property and its Economic Explanation

In the exercise of property rights, potential conflicts can be prevented as in striking a bargain (Muthoo 2000). Indeed, the common law is efficient, but the law generated by the institutions of private property can also be efficient, however with limitations (Friedman 1996). Creating a system of clear, workable property rights facilitates voluntary exchange and ensures that property rights will end up in the hands of those who value them most (Ayres and Talley 1995)
Property is a "bundle of rights." The owner is free to exercise the rights over his or her property. Others, meaning private persons and the government, are forbidden to interfere with the owner's exercise of his or her rights. Traditionally, that bundle of rights includes: 1) control use of the property, 2) benefit from the property, for example rights and rent, 3) transfer or sell the property, and 4) exclude others from the property (Krauss 1999).
The two major justifications of original property, or homesteading, are said to be effort and scarcity. John Locke emphasized effort, or "mixing your labour" with an object, while Benjamin Tucker preferred to look at the purpose of property in answer to solving the scarcity problem. Only when something is relatively scarce do they become property, he said. ...Show more

Summary

Most legal systems in the world recognize private property rights or the legal right of an individual to use and exploit resources to the exclusion of others (Krauss 1999). To cover the transactions and disputes which arise over the possession, use, transfer and disposal of property legal systems serve to adjudicate and to enforce property laws…
Author : dfunk
Property and its Economic Explanation essay example
Read Text Preview
Save Your Time for More Important Things
Let us write or edit the essay on your topic
"Property and its Economic Explanation"
with a personal 20% discount.
Grab the best paper

Related Essays

Intellectual property
Digital technology developers make peer-to-peer networks,which enable people to obtain the same works without paying.Acquiring the works with this method is similar to stealing,as per copyright law,hence it is must to reaffirm,and even extend,copyright law to criminalise the use of networkers who copy others’ work.
8 pages (2000 words) Essay
The impact of the economic crisis on China's real estate: An investigation of the property market in Shanghai and Beijing. (MB
The dissertation is an analysis of the findings and research on China’s property market and its viability. The dissertation primarily focuses on secondary research as it is difficult to obtain information directly from Chinese realtors. Important conclusions are derived from the analysis of the DiPasquale Wheaton model in China’s context.
48 pages (12000 words) Essay
Definition and Explanation of Closed and Open Economic Systems
In a closed economic country, all economic activities are conducted within the boundary of the country. Such an economy means the country does not accept imports from other countries and does not export to foreign countries. The main objective of this type of economy is to make everything available for people within the confines of the economy.
4 pages (1000 words) Essay
Property law
In this way, understanding the nuances of how property laws are enforced, regulated, and observed within the context of culture and the legal system is a powerful determinant towards understanding the level to which individual rights and freedom exist within a given nation or economic system.
3 pages (750 words) Essay
John Locke and natural right to property
Likewise, one of the defining moments that occurred with the settling of the United States was concentric upon the way that the European colonists were so driven and determined to delineate ownership and wealth based upon what the Indians thought was a foreign concept of property lines.
4 pages (1000 words) Essay
Economic Rationale For Protecting Intellectual Property Rights
Intellectual property law covers designs, scent, geographical figures and mental property(written) which could not be plagiarized or used illegally by anyone else who has the right to use it for at least 20 years under their own name till it becomes worldwide heritage or could be used by everyone else and manufactured since this property could be given to someone else to benefit out of.
8 pages (2000 words) Essay
Intellectual Property Rights Essay
This essay would further focus on the implementation of Intellectual Property Rights in the modern world and weaknesses of intellectual Property laws in providing a safe system to the copyrighted or trademarked material. The two major aims of this paper are to discuss the increasing problems in implementing intellectual property rights in the globalize world and to compare the intellectual property rights of US and UK.
7 pages (1750 words) Essay
4. Using different newspaper articles on the recession and its origins in the credit crunch assess how Webers explanation of value judgments and evidence might help us understand the different views
In other words, the paper will validate the information and facts stated in the various newspaper sources by assessing them through Weber’s value based judgments and evidence explanation. As Weber explains “Statements of facts are one thing
8 pages (2000 words) Essay
The impact of the economic crisis on Chinas real estate: An investigation of the property market in Shanghai and Beijing. (MBA )
Important conclusions are derived from the analysis of the DiPasquale Wheaton model in China’s context. China’s property market has been analyzed with focus
48 pages (12000 words) Essay
John Locke and natural right to property
European colonists were so driven and determined to delineate ownership and wealth based upon what the Indians thought was a foreign concept of property lines. Many of these cultural and political understandings of property, ownership, and natural rights were expertly detailed
4 pages (1000 words) Essay
Get a custom paper written
by a pro under your requirements!
Win a special DISCOUNT!
Put in your e-mail and click the button with your lucky finger
Your email
YOUR PRIZE:
Apply my DISCOUNT