Week #7 Commentary

a.

* private property is an immoral system because it relies on selfishness

* private property causes a misallocation of resources

* private property means that men are not really free

* restrictions on property rights harm society

* strong private property rights protect individual liberty

 

b.

* Will the society be better if there is no restriction on property rights?

* How does private property rights make wealth possible?

c. 

Three reasons that property institutions are necessary

1.     heterogeneity-different people pursue different ends

2.     scarcity-there is not enough “stuff” to go around

3.     right of self-ownership requires a Right to property in Non-human Things

Therefore in order for man to own his own person, they must also have property titles in “object”

The working definition of property right: a property right is the exclusive authority to determine how a resource is used, whether that resource is owned by governments or individuals. There is a paradox right here which is: Although property is considered private, these private decisions are predicated on public evaluation