Essay On Property Rights

729 Words3 Pages
According to many economists, property rights are among the most important factors to a nation’s economic success. Property rights is the ability to hold your own property and decide what to do with it. A property can be physical or nonphysical, such as land or an idea. You have the right to use this property whatever way you see fit. You can also sell or rent the property at the price of your choice. From an economical point of view, property rights encourage investments and new ideas. People don’t have to worry about their property being stolen right under their noses. These rights prevent violent competition over the ownership of a property. Personally, I would be more optimistic of sharing what is mine if I don’t have to worry that someone…show more content…
We can take out patents on ideas or inventions and we have legal private ownership of our lands and resources. Unlike in North Korea, where everything is owned by the government. The government sets the prices for products and directs any significant economic activity. Therefore, the black market has grown. Corruption, which is introduced later on, is present at every level of the economy. High officials in North Korea can steal from the insignificant citizens who have no property rights. This does not allow the minority to prosper, they have no chance of making something bigger of themselves because someone else took the credit. Poverty is very high in countries like North Korea that have no property rights if any. A lot of corruption is evident in poor countries or developing countries. This is due to the government not having proper rules of law. The rule of law is the belief that laws should preside over a nation, not the decisions of government bureaucrats. It indicates that everyone is subject to the law, including the very own lawmakers. In the United States, property rights, contracts, rule of law, and copyrights and patents are enforced. It is evident…show more content…
Without them, corruption will prevail, poverty will increase and just like India there could be a “brain

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