Economy 213

Property Rights

What are property rights? How are property rights relevant in economics? The definition of property rights is the rights to use, control, and obtain the benefits from a good or resource. Property rights can be viewed as an attribute of an economic good in many ways 1. The right to use the good 2. The right to earn income from the good 3. The right to give your good to other people 3. The right to enforce legal protection of your good. I believe without having property rights we wouldn’t be living the American dream today in this society. The struggles in todays society is causing some people to do crazy things to obtain money since money is a lack and problem for most of the US.

It is the private owners responsibility that there goods are protected against any harmful act caused by another person, “Private owners can do anything they want with their property as long as they do not use it in a manner that invades or infringes on the rights of another” (Gwartney, Struop, Sobel, and Macpherson. Economics p.23). If a person has a house on some land and lives there unless the land or house is paid for it isn’t theirs yet, unless you are paying on time in your home you can make decisions on what goes on in the house. We all have rules we have to follow that are given to use when we purchase a good or if were paying on a good, these rules can protect us and a landlord or someone who collects the payment for the good. It is important to respect others property if we choose to damage another person property we are held liable. As we speak on property rights I think it is important for some to hold on to their valuable items, as when years go by the wait would be more worthwhile which will allow it to increase in value. “Private owners have an incentive to conserve for the future- particularly if the property is expected to increase in value (Gwartney, Struop, Sobel, and Macpherson. Economics

p.25).

Turning it over to a biblical standpoint the...