7. In the first segment from the video, \"Commanding Heights.\" the famed Latin American
cconomist Hernando de Soto tells the story of a coffee bean farmer from Tanzania, who when
asked whether he can produce proof that he owns the land, asserted that he had no official deed
but that he had purchased the land from someone years ago and the fact that he lives there today
is proof enough that he owns it. In your own words, explain what De Soto\'s main argument is
about property rights and how it relates to a country\'s standard of living? (2 points)
Solution
His statement is that property rights are not similar in all economies. In many underdeveloped
countries and/or regions property rights are not held formally but informally. E. G quite often in
these regions just utilizing land over the years is the indication that people have property rights
over these areas. On the other hand in developed regions you need to have proper legal
documents to claim legal ownership. All this is the result of difference in institutions.
Mattingly "AI & Prompt Design: Limitations and Solutions with LLMs"
7. In the first segment from the video, Commanding Heights. the.pdf
1. 7. In the first segment from the video, "Commanding Heights." the famed Latin American
cconomist Hernando de Soto tells the story of a coffee bean farmer from Tanzania, who when
asked whether he can produce proof that he owns the land, asserted that he had no official deed
but that he had purchased the land from someone years ago and the fact that he lives there today
is proof enough that he owns it. In your own words, explain what De Soto's main argument is
about property rights and how it relates to a country's standard of living? (2 points)
Solution
His statement is that property rights are not similar in all economies. In many underdeveloped
countries and/or regions property rights are not held formally but informally. E. G quite often in
these regions just utilizing land over the years is the indication that people have property rights
over these areas. On the other hand in developed regions you need to have proper legal
documents to claim legal ownership. All this is the result of difference in institutions
