Property rights and the economy

Property rights are at the heart of modern economies in many nations. This path shows the importance of property rights

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    Introduction

    What makes poor nations poor?  It is a difficult question with many answers.  Sometimes it is war. Sometimes it is a lack of resources.  But more often than not, the answer is bad governance.  


    Bad governance (be it too strong or too weak) leads to a lack of security (threat of violence from others from the government itself), reduces personal property rights, and thus makes investment and economic growth unlikely.   This problem is repeated in poor countries around the world.  


    This path was inspired by a talk (included at the end of the path) by Professor Don Swanz at the Bonas and Beyond program in October 2015.  

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    The Importance of Property Rights

    Political and economic institutions--the rules, laws, and customs that guide behavior--help determine living standards around the world. New research by Daron Acemoglu and Simon Johnson (2005) reveals that among these institutions well-defined and enforced property rights are most important in shaping long-run economic growth and thus prosperity.

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    Property Rights: The Key to Economic Development

    Hoskins and O'Driscoll explore the role of property rights in economic development Prosperity and property rights are inextricably linked. The importance of having well-defined and strongly protected property rights is now widely recognized among economists and policymakers. A private property system gives individuals the exclusive right to use their resources as they see fit.

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    Property Rights

    One of the most fundamental requirements of a capitalist economic system-and one of the most misunderstood concepts-is a strong system of property rights. For decades social critics in the United States and throughout the Western world have complained that "property" rights too often take precedence over "human" rights, with the result that people are treated unequally and have unequal opportunities.

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    INSTITUTIONS RULE: THE PRIMACY OF INSTITUTIONS OVER GEOGRAPHY AND INTEGRATION IN ECONOMIC DEVELOPMENT

    A classic work that shows the importance of financial institutions on GDP.

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    What Is the Rule of Law? - Definition & Principle - Video & Lesson Transcript | Study.com

    Imagine you're walking down the street when suddenly the police come upon you, slap cuffs on and haul you downtown for no apparent reason. To your horror, you are charged with not having a specific destination! The police tell you that you are a vagrant and define this as a person who moves from place to place without a specific destination or monetary means.

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    Property Rights Primer by the University of Idaho

    This could be the basis of several classes--it is a series of writings on property rights. (Probably more suited for upper level or grad class--or at least a more serious student)

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    The need for rules which work across borders

    Brad Smith - General Counsel and Executive Vice President, Microsoft Excerpted from remarks at the Centre for European Policy Studies, Brussels, January 20, 2015 http://www.microsoft.eu/

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    Economic Freedom of the World project | www.freetheworld.com

    Economic freedom has been shown in numerous peer-reviewed studies to promote prosperity and other positive outcomes. It is a necessary condition for democratic development. It liberates people from dependence on government in a planned economy, and allows them to make their own economic and political choices.

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    Literature Review of Property Rights and Development - - Research reports and studies By Anna Locke

    Literature Review of Property Rights and Development - - Research reports and studies By Anna Locke My suggestion: start reading in section 3. That is where the really important stuff is for MY CLASS.

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    What Can Government Do To Create Jobs?

    What Can Government Do To Create Jobs? Testimony Before the House Committee on Education and the Workforce Matthew Mitchell | Feb 01, 2012 Figure 2 is key! "Economists Chris Doucouliagos and Mehmet Ali Ulubasoglu recently reviewed 45 studies examining the freedom-growth relationship and concluded that: [R]egardless of the sample of countries, the measure of economic freedom and the level of aggregation, there is a solid finding of a direct positive association between economic freedom and economic growth.28 Figure 2 shows the relationship between freedom and per capita income. There is clearly a positive and statistically significant relationship. Moreover, because material wealth is positively associated with so many things that humans seem to care about—clean environments, quality health care, long life, and good education—economic freedom is also related to those things.29 The more freedom/more prosperity relationship doesn’t just hold at the international level. There are also a number of state-level indices of economic freedom, such as the annual Freedom in the 50 States index published by the Mercatus Center at George Mason University.30 In a recent review of several state-level indices, economists Jed Kolko, David Neumark, and Marisol Cuellar Mejia found that those states with greater degrees of economic freedom tend to experience larger gains in jobs, wages, and gross state product.31"

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    Bonas and Beyond - Don Swanz from his class on Property Rights and importance of legal and economic institutions - Blubrry Podcast Community

    Don Swanz from his class on Property Rights and importance of legal and economic institutions (with Creole Translation by Djemson Jeudy)

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