Develop a position paper applying public finance and public choice to a contemporary topic in the field utilizing the existing literature. Papers are expected to be 10 pages in length (excluding the cover and citation page). Papers are due April 16th at 11:55 PM. All papers will be automatically submitted to TurnItIn.
*Paper Formatting Requirements (No Exceptions)*
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Topic: property rights
I would expect you to see you summarize the literature on property rights (from multiple perspectives and metholdogies) and take, and defend, a position. These resources may be helpful for getting you started:
Private Property Rights, Economic Freedom, and Well Being: https://www.mercatus.org/system/files/Private-Property-Rights-Economic-Freedom-and-Well-Being.pdf
Property Rights: https://www.econlib.org/library/Enc/PropertyRights.html
Markets without Limits by Jason Brennan
Why Not Capitalism? By Jason Brennan
Why Not Socialism? by G.A. Cohen
Unbundling Institutions: https://economics.mit.edu/files/4467
Institutions as a Fundamental Cause of Long-Run Growth: https://economics.mit.edu/files/4469
In this analysis, the detailed description of the property rights has been highlighted. Through the detailed analysis, the legal origin of USA property rights has been discussed and its impact on the liberty and private property has been suitably highlighted. The impact of contracting institution on property rights has also been discussed. In the discussion, it is analyzed that the success of an economy depends totally on the successful implementation of property rights and its maintenance. The description has also highlighted the legal aspect of USA property rights and the impact of different contracting institutions on its economy. Through appropriate solutions, the recommendation on this topic has been appropriately suggested. The analysis described the success of an economy depends on the suitable implementation of the property rights of a particular country.
Property Rights puts emphasis relationships among those who participate within an economic and social system. This report highlights the various aspects of property rights taking special consideration of USA social and economic structure. The discussion concentrates on the methods and different findings of USA property rights. It also analyses in detail the issues and challenges that the government of USA faced during implementation and maintenance of property rights in various aspects. The discussion also tends to highlight the economic impact of the country within the context of property rights. The report highlights the information regarding the impact of property rights on the daily lives of USA citizen considering different legal and economic frameworks.
The component of property rights is an assessment of the individual ability to accumulate property which is of private nature and is secured by authentic laws. These laws are guided and enforced by the respective government of states. It also describes the likelihood that a property of private nature analyzes and expropriates the judiciary independence, individuals’ business and ability for the enforcement of contracts and the existence of corruption within the system (2019 Index of Economic Freedom, 2019). The concept of property rights is the most basic and important requirements of economic system of capitalist government and is probably the most important concept which is misunderstood (property rights, 2019). On a similar note, Mason (2017) mentioned that, the most complex and important issue faced by society is related to the rights of intellectual property. However, property right is also concerned with political and economic regulations. This considers the rule and laws in this context. In terms of growth in long run in respect to economy and development, enforcement of property right is one of the essential tools. In the context of USA economy, institutions of contracting and property right are responsible organizations to determine its impact on people (The Importance of Property Rights, 2019).
Constitution of the USA protects property rights of its people through fourteenth and fifth amendments. Such reforms were not enough to protect public property as faced by people regarding the transfer of property. In case of Kelo v. City of New London, such issues have arrived where for better public use transfer of private property has been restricted by the court (Property Rights and the Constitution, 2019). However, to avoid such a crisis, reforms have been introduced in this context.
This research adopted positivism philosophy in order to analyze property rights in context of USA. As mentioned by Saunders, Thornhill & Lewis (2019), positivism philosophy is focused on the implementation of factual data based on observations. In this context, this study has evaluated the use of property rights in terms of different social perspectives including economic life, standard living and well being. Along with that, descriptive design has been considered in this context. As stated by Kothari (2004), this research design also puts emphasis on observation as well as description of situations and facts. Through analysis of situational facts, impact of property rights has been analyzed on the context of life standard and well being. In terms of approach, it considers didacticism as this also considers the logical analysis based on the factual data. This allows to rationally analyzing the impact of property right on life and livings (as influenced by Flick, 2015). This study has considered secondary research in terms of data to analyze and find the rational outcome. In this context, it has considered articles, journals as well as reports to illuminate the issues and effects of this legal framework. As opined by Secondary data considers the existing facts and data to observe and analyze the outcome in terms of effectiveness of the research.
Legal origin deals with the laws that are implemented to safeguard of a specific system that is come into force for the benefits of local people. The property of private nature provides incentives to individual to use resources economically as the users have to bear the prices for their actions (property rights, 2019). On the other hand, Stroman et al. (2017), suggests that property rights play optimum role in economics. Other than right to property several other concepts such as car, pets, houses, intellectual property rights such as patents, copyrights are also included within the structure.
Property rights highlight the standard of living and well being. The basic idea that the rights of property denote is that different countries have different legal origin that matter for economic, financial and legal outcomes. On a similar note, Hodgson (2015), mentioned two traditional legal concepts that deal with property rights which are civil- law and common-law. As mentioned by Asongu (2015), common-law follows in countries which are parts of the British Empire and civil -laws are followed in legal systems of countries such as German, French and Scandinavian. As opined by (Moore, 2017), legal origin of a country can affect the outcomes of economy through channels as the institution of contrasting nature. On the other hand, Asongu (2015), stated that legal origin whether in terms of property or individual rights needs to bring positive growth on the overall development of economic structure.
Property rights deal with the economic freedom that empowers a citizen in various aspects. As opined by Beard (2017), it is difficult to measure economic freedom. It can be described as the coercion absence and an encouragement that gives freedom to indulge in exchanges of voluntary nature (Private-Property-Rights-Economic-Freedom-and-Well-Being, 2019). As opined by Stroman et al. (2017), the problems regarding outcomes exist as the importance is subjective to persons of individual nature who has taken part in voluntary transactions. On a similar note, Moore (2017), mentioned that people have competing and diverse end. Picking one of those end and measurement of the amount it can have on an economy provides small idea if the society is poor or wealthy. A system of private property provides individual the specific right to utilize the resources according to their criteria’s and visions. As opined by Levy-Carciente (2015), this process of costs weighing and production of benefits is called efficient outcomes. Economists use gross domestic product of per capita to measure living standard thereby attempting to add the value of all services and goods that are produced within an economy. On a argumentative tone, Asongu (2015) suggested that this leaves out values of competing for ends such as leisure. On the other hand, Marcelin & Mathur (2015) stated that other than GDP no other measure can indicate the well being of country in an absolute way.
Expectancy of human life is another feature that is used to measure the living standard and well being of an area. As opined by Salacuse (2017), expectancy of longer life indicates the better condition of living of people within a geographical area. In similar note, Fetzer and Marden (2017), mentioned that along with life expectancy the rates of infant mortality, caloric intake rate, statistics of immigration and literacy rate are the .features that indicates the wellbeing of citizens. Taking all this indicators together and creating a situation where these can point to the same directions can be beneficial to judge the living standard of people within a country.
The evolution of institutions related to property rights and their consequences on decision of investments are the important issues in political development of economy. In order to provide preconditions related to economic growth the role of well-defined and effective rights of property cannot be ignored (property rights institutions, 2019). As opined by Levy-Carciente, (2015), the importance of contracting institution lies in functions of legal system of a particular country. Difference in implementation of laws and the existing laws includes differences of significant nature related to the costs of contracts which are being enforced and transaction and contracts of equilibrium. As stated by Peng et al. (2017), the institution of property rights are the regulation and rules that protect citizens against the elites and powers of the concerning government. On similar note, Levy-Carciente (2015), mentioned that the contrast in relation to contracting institution is connected to state-society and political interactions. The example can be drawn in this respect on behalf of protecting investors against the expropriation of government. Several differences can also be noticed in case of property rights institutions within the country. As opined by Salacuse (2017), the difference lies in the options which are clear to individuals who are affected by institutions of property right and weak contracting of such institutions.
Property rights are the key aspect of the economy of capitalist nature which is related to its legal defenses and executions. As opined by Zou (2015), markets are efficient in production of goods of private nature as consumers and producers have the ownership right of the exchanged resources in a transaction of economy that includes goods of private nature. On similar note, Stroman et al. (2017), mentioned that market becomes less efficient with the absence of property rights within the country. The example of an economic institution of underlying nature can be drawn from property rights. As stated by Peng et al. (2017), customs and laws of property rights turn out to be an important matter on the health, wellbeing, and growth of citizens and economy. On the similar tone Levy-Carciente (2015), suggested that different laws and rules regarding how a person may change, acquire profit and get benefit from all are mentioned in the property rights to get the best outcome within economy. The dispose of different kinds of property also affects the daily activities of citizens, prosperity, and growth of country in related to international situations (Index of Economic Freedom, 2019).
(Refer to Appendix)
Property rights are socially enforced theoretical constructs within economics to determine how an economic good or resource is owned and used. As stated by Marcelin & Mathur (2015), it denotes the different rights to use material and goods, generate income, transfer of the good in another hand and the right that enforces property rights. On the other hand, Fetzer & Marden (2017), mentioned flexibility of property rights makes an economy of a country strong and powerful. As property rights depend on the overall transaction of goods from purchase to sell, it is quite natural that the economic development of a country totally depends on the rights of property that a country possesses. As opined by Brennan & Jaworski (2015), property rights are subjected to monitor on regular basis and the possession of these rights needs to enforce. The costs of monitoring, enforcing and defining property rights are known as transaction cost. Depending on this essence Stroman et al. (2017), stated that various cost of transaction gives birth to different types of institution related to property rights. On the other hand, Marden (2017), mentioned that property is considered as ownership and control over good or resource in economics.
As mentioned by Zou (2015), the standards that are related to financial development mentioned within the rights of the property include the total amount that is credited to the sectors of private nature within an economy as total percentage of GDP. On the other hand, Salacuse (2017), mentioned the importance of capitalization of stock market. Colonies with lower rates of mortality and possess higher credit levels to the private sector. Economic freedom is also an important aspect that impacts the development of economy of USA. As opined by Marden (2017), a country with no international trade but with a low rate of tax is considered as free as those countries which are more reserved in terms of policies. On the other hand, Hodgson (2015), suggested that absence of international trade can affect the economic growth of a country considerably. It is good in this perspective that the USA has possessed a better policy in terms of property rights that allows the country to trade with other parts of the world with ease.
Depository assets are also considered a part of property which is subjected to both property right and financial regulations. The regulation considers safety and soundness of the investors. However, this also considers the protection of investors and creditors. This safety and soundness regulation offers protection towards those creditors who are categorized as fixed. In terms of safety of financial property as which are considered as private property, certain regulations and laws including the Sarbanes-Oxley Act of 2002 is applicable. In addition to that, in terms of commodities as a part of property, CFTC regulations are applicable (The U.S. Financial Regulatory System, 2019).
Property rights bestow its impact on the security and sustainability of private property of the USA as well. As opined by Asongu (2015), the certainty of legal protection related to property uplifts the score of a country regarding development to a high degree. It is the responsibility of the citizens to get acquainted with legal aspects enforced by the government before buying or building any private property. However, Moore (2017), stated in an argumentative tone that the government is responsible for any uncertainty related to the property of private kind. The government of the USA guarantees any private property that is established within its geographical boundary. The system of USA court enforces contract quickly and efficiently. As opined by Beard (2017), punishment is required to prevent any unlawful activity related to property of private nature. The justice system of USA punishes unlawful confiscation of private property. On the other hand, Lawry et al. (2017), stated that mere punishment cannot guarantee security of private entity. A backup plan of providing economic help improves the security purpose of citizens more effectively.
A good and effective implementation of property rights provides an individual all sorts of liberty whether in terms of personal or economic matter on a whole (Index of Economic Freedom, 2019). As opined by Salacuse (2017), the substance of free society is property. It is the base of the ability possessed by citizens to manage its own principles and life and is also a provider of necessary help that is required to shape the destiny of its own. On a similar tone Boserup (2017), suggested that the rights of property protect other rights which are necessary to enable citizens to become independent and also help them to govern themselves by their own means.
The government of USA needs to improve its property rights to safeguard the interest of its citizens more effectively. It needs to constitute the framework of its judiciary system more effectively so that corruption related to hire or sale of any private property gets reduced. Citizens sometimes get lost within the legal boundaries required to acquire any property of private nature. The government of USA needs to be more collective in terms of collecting data regarding any empty or sold property within its supervision. In order to safeguard the fourteenth and fifteenth amendments act of USA constitution, concerned authority needs to be more active to aware people regarding their property and their rights associated with it. Satisfaction of citizens in terms of liberty can give the government the required strength for the overall economic benefit of the country.
Thus it can be concluded that property rights influences social-economy of the country. In terms of USA, Government needs to monitor the satisfaction of its citizens regarding property rights which are enforced by the respective authority on regular basis. In the discussion, it is analyzed that the success of an economy depends totally on the successful implementation of property rights and its maintenance. The description has also highlighted the legal aspect of USA property rights and the impact of different contracting institutions on its economy. With suitable recommendation, it also highlighted the flaws and provided effective solutions for the betterment of its property rights for an overall safeguard of its people.
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