Property Rights

In: Business and Management

Submitted By womenlove
Words 398
Pages 2
Property rights are the ownership rights an entity or person has over something. It is exclusive authority as to how a resource will be used or sold. The owner of the property can also have “private property rights”
“Private property rights are exclusively held by an owner and protected against invasion by others. Private property can be transferred, sold or mortgaged at the owner’s discretion.” (J.D Gwartney, R.L Stroup, R.S Sobel, D.A Macpherson 2015)
A well-defined and enforced property rights are very important in shaping long run economic growth and prosperity. Property right gives protections against expropriation by government, in situations of high taxes, confiscation and price control. And from other institutions who facilitate private contracts between citizens. “In the developed world, the role of property as a foundation for economic growth is commonly taken for granted because it is omnipresent and generally secure. By contrast, the effects of the absence of property are acutely felt in many developing countries. These effects are typically manifested by a disproportionately large level of informal economic activity.” (J.D. Sullivan & K,E Bettcher n.d.)
There are several areas in property rights. Some ownerships are tangible and other are non-tangible. The property may be real estate, or it may be intellectual property like a copyright or trademark. A person may purchase a home, and have all rights to live in it, change the color of the walls, add a driveway and a pool. This property right for that purchase has been exchanged.
Intellectual property the person has the right to have exclusive use of the ideas or plans. This would include copyrights, patents, trademarks or secrets The Bible speaks a lot of property rights, God have entrusted us with this land and we were given certain rights as His children. His master said to him, ‘Well…...

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