A Theory of Property Rights

A Theory of Property Rights explains how ownership and control over resources and property shape human interactions and economics. It suggests that clear and secure property rights lead to better resource management, investment, and social cooperation. When people know they have rights to their property, they are more likely to take care of it, innovate, and engage in trade. This framework helps understand economic development, legal systems, and social structures by showing how property rights influence behavior and relationships within society. Ultimately, strong property rights can contribute to stability and prosperity in communities.