property rights

Examples of property rights in the following topics:

• Defining and Defending Property Rights

  • There are four broad components of property rights.
  • Property rights are determined based on the level of transaction costs associated with the rights.
  • The four types of property rights are:
  • The concept of property rights are closely related to the law in terms of defending the rights.
  • Economics sets the property rights and the law is used to enforce the rights.

• Introduction to Property Rights

  • The concept of property rights is essential to any economic system.
  • In addition to private property, rights there are also public property rights and common property rights.
  • Private property rights, in theory should apply to individuals but often private property rights is applied to publicly chartered organizations.
  • Second, property rights can be justified by "natural rights" or by logic and pragmatism.
  • A pragmatic justification of property rights is based on defining property rights to achieve an objective.

• Private Property Rights

  • Property rights can also be enforced by implicit social institutions.
  • Respect for others and social sanctions are important determinants of property rights.
  • The property rights to "material things" are more obvious and clear cut than intellectual property rights.
  • Patents and copyright laws are attempts by the government to assign and protect property rights.
  • hen private property rights are exclusive, all the costs and benefits of an alternative are exclusive to the person(s) engaged in the exercise of the property right.

• Issues In Property Rights

  • This shift has implications for the way in which property rights are assigned.
  • As Hayek has pointed out, property rights cannot be static; the property rights that apply to chattel property of individuals may not apply equally well to intellectual property.
  • The nature of property rights is a major concern for modern society.
  • This perspective is based on property rights that are exclusive and enforceable.
  • A version of this view has been extended to intellectual property rights.

• Introduction to Property Rights and Markets

  • Problems arise when exchange is not voluntary and property rights are attenuated.
  • Attenuated or weakened property rights also may distort information about MB and/or MC and result in an allocation that is less than optimal.
  • "Nonattenuated" or strong private property rights have three important characteristics; exclusive, enforceable, and transferable.

• Property Rights And Markets

  • The operation markets and market exchange is facilitated by strong or "nonattenuated" property rights.
  • Property rights may be "private" property rights or "public" property rights.
  • It is impossible for the property rights to any good or resource to be completely exclusive.
  • A case of nonexclusive property rights occurs when Harold smokes a cigar in church.
  • This assumes that Harold had a property right to smoke.

• Allocative Mechanisms

  • For current purposes, property rights will be described as the right to control the use of a good or resource.
  • If these property rights are held by individuals, they are called private property rights.
  • In some cases, such as air, property rights may be held in common; these are called common property rights.
  • For an economic system to function, it is necessary that property rights be defined and enforced whether they are private, public or common property rights.
  • Theft is the process of transferring property rights by illegitimate force.

• Market Exchange and Efficiency

  • The individuals exchange goods that are characterized by nonattenuated property rights.
  • Nonattenuated property rights are exclusive, enforceable and transferable.
  • Voluntary markets of goods with nonattenuated property rights are consistent with the Utilitarian Ethic and Pareto Efficiency.

• Legal Barriers

  • The government creates legal barriers through patents, copyrights, and granting exclusive rights to companies.
  • Intellectual property rights, including copyright and patents, are an important example of legal barriers that give rise to monopolies.
  • The copyright holder receives the right to be credited for the work, to determine who may adapt the work to other forms, who may perform the work, and who may financially benefit from it, along with other related rights.
  • A patent is a limited property right the government gives inventors in exchange for their agreement to share the details of their invention with the public.
  • It is also possible that there is a monopoly because the government has granted a single company exclusive or special rights.

• Investing in Research and Development

  • The government can establish intellectual property laws, directly conduct research, or finance research and development.
  • The government can do so by creating a good structure of intellectual property protection, called, broadly, patent law.
  • They are one of the basic forms of intellectual property.
  • Essentially, a patent gives the holder the right to exclude others from, among other things, using, selling, and making the claimed invention.
  • Patents and, more broadly, intellectual property rights, are important because they encourage investment in research.