Topics
Property Rights
Property rights confer legal control or ownership of a good. For markets to operate efficiently, property rights must be clearly defined and protected - perhaps through government legislation and regulation.
Property rights are often considered vital for sustained economic growth and development:
Why are property rights important for economic development?
- Rights to own land and to establish businesses are seen as crucial for wealth creation e.g. private plots to farm.
- Protection of property rights is a major barrier to corruption within government.
- Community ownership / husbandry of natural resources can help overcome threats to eco-systems.
- Laws on patents are important to secure investment in research industries.
- Common rules encourage trade & investment between countries by reducing trade friction costs.
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