Tagged: economic development
Property Rights: a Key Player in Economics
Without property rights, no other rights are possible. Since man has to sustain his life by his own effort, the man who has no right to the product of his effort has no means to sustain his life. The man who produces while others dispose of his product is a slave. The Virtue of Selfishness / Ayn Rand It sure does not need a keen eye to observe and grasp the importance of property rights in economic development. Property Property itself, as defined by The Law Dictionary, is “The ownership of a thing is the right of one...