Question

In a society with a market economy, property rights are generally enforced by

Answer 1

Property rights are theoretical socially-enforced constructs in economics for determining how a resource or economic good is used and owned. Resources can be owned by (and hence be the property of) individuals, associations, collectives, or governments. Property rights can be viewed as an attribute of an economic good. This attribute has four broad components and is often referred to as a bundle of rights:

1. the right to use the good
2. the right to earn income from the good
3. the right to transfer the good to others, alter it, abandon it, or destroy it (the right to ownership cessation)
4. the right to enforce property rights

In economics, property is usually considered to be ownership (rights to the proceeds generated by the property) and control over a resource or good. Many economists effectively argue that property rights need to be fixed and need to portray the relationships among other parties in order to be more effective.