ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -He is of the view that in order to preserve such rights to property humans forms civic societies and governments are established to secure rights to such properties in a guaranteeing manner with authority to enforce the rights to the property. His theory seems to be based on selfishness which also seems to be unfair.

Detailed explanation-2: -Property rights are commonly identified as a right to own or possess something, such as land or an automobile, and to be able to dispose of it as one chooses. However, this is only one aspect of property rights that focuses on the exclusive right to ownership.

Detailed explanation-3: -*Private ownership is a key to prosperity as it provides people with a strong incentive to take care of things and develop resources in ways that are valued by others.

Detailed explanation-4: -Private property promotes efficiency by giving the owner of resources an incentive to maximize its value. The more valuable a resource, the more trading power it provides the owner of the resource. This is because, in a capitalist system, someone who owns property is entitled to any value associated with the property.