property rights

(noun)

The exclusive rights pertaining to the ownership of a given asset.

Related Terms

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.

  • Women and the Law

    • Women also lacked the right to bring suit, file for divorce, pursue legal recourse, or vote.
    • The Married Women's Property Act of 1839 was an act of statute in the state of Mississippi that significantly altered the law regarding property rights granted to married women, allowing them to own and control their own property.
    • Women's property rights were again extended in 1860.
    • The Married Women's Property Act set a precedent for women's property rights that is thought to have influenced legislators' decision to maintain gender-neutral language in the Homestead Act of 1862, allowing any individual to file an application for a federal land grant.
    • One of Elizabeth Cady Stanton's many accomplishments for women's rights was the Married Women's Property Act of 1839.

  • Digital Media and Intellectual Property Issues

    • Generally, it is "the right to copy," but also gives the copyright holder rights including:
    • Intellectual property is a term referring to a number of distinct types of creations of the mind for which a set of exclusive rights is recognized.
    • Intellectual property rights encompass copyrights, trademarks, patents, industrial design rights and trade secrets depending on the jurisdiction.
    • In addition to protecting the financial incentives of intellectual property, the WIPO treaty and several related international agreements are based on the premise that protecting intellectual property rights is essential to maintaining economic growth.
    • Some libertarian critics of intellectual property have argued that allowing property rights in ideas and information creates artificial scarcity and infringes on the right to own tangible property.

  • Property

    • Property refers to the sum total of one's possessions, as well as their regular income.
    • Private property is the ownership, control, employment, ability to dispose of, and bequeath land, capital, and other forms of property by persons and privately owned firms.
    • Private property is distinguishable from public property and collective property, which refers to assets owned by a state, community, or government rather than by individuals or a business entity.
    • The concept of property is not equivalent to that of possession.
    • Lastly, libertarians believe that private property rights are a requisite for rational economic calculation, and that without clearly defined property rights, the prices of goods and services cannot be determined in an "efficient" manner, making the most efficient economic calculation impossible.