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For individuals to work, save, and invest, and for firms to begin operations or expand existing activities, they need to be secure in the knowledge that they will be the full owners of their property and that nobody will take it from them. The greater the protection of property, the more individuals and firms will embark on all sorts of economic activities, thereby propelling economic growth...
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The greater the protection of property, the more individuals and firms will embark on all sorts of economic activities, thereby propelling economic growth. The two essential elements of property rights are (1) the exclusive right of individuals to use their resources as they see fit as long as they do not violate
someone else’s rights and (2) the ability of individuals to transfer or exchange these rights on a voluntary basis...
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