Read the articles in the Concise Encyclopedia of Economics entitled “Property Rights” (http://www.econlib.org/library/Enc/PropertyRights.html) and Law and Economics (http://www.econlib.org/library/Enc/LawandEconomics.html) Then summarize the main points in both articles in about one page. Solution Right to property assumes a center stage in a capitalistic society. Often right to property is perceive to conflict human rights. However, the property rights themselves are a form of human rights. Unless they\'re not properly defined, the economic agents cannot undertake judicious use of resources and may instead result inefficient allocation of resources.The property rights need to be defined so that people can use the resources and facilitate exchange in the market. In this sense, the private property rights protect individual liberty. The three elements of private property include exclusive rights to decide 1. the use of a resource, 2. the services of the resources and 3. Exchange the resource..

1. Read the articles in the Concise Encyclopedia of Economics entitled “Property Rights”
(http://www.econlib.org/library/Enc/PropertyRights.html) and Law and Economics
(http://www.econlib.org/library/Enc/LawandEconomics.html)
Then summarize the main points in both articles in about one page.
Solution
Right to property assumes a center stage in a capitalistic society. Often right to property is
perceive to conflict human rights. However, the property rights themselves are a form of human
rights. Unless they're not properly defined, the economic agents cannot undertake judicious use
of resources and may instead result inefficient allocation of resources.The property rights need to
be defined so that people can use the resources and facilitate exchange in the market. In this
sense, the private property rights protect individual liberty. The three elements of private
property include exclusive rights to decide 1. the use of a resource, 2. the services of the
resources and 3. Exchange the resource.