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The property rights approach to the theory of the firm can thus explain pros and cons of integration in the context of private firms. Yet, it has also been applied in various other frameworks such as public good provision and privatization. [35] [36] The property rights approach has been
The right to property is one of the most controversial human rights, both in terms of its existence and interpretation. The controversy about the definition of the right meant that it was not included in the International Covenant on Civil and Political Rights or the International Covenant on Economic, Social and Cultural Rights. [3]
Hernando de Soto has argued that an essential characteristic of the capitalist market economy is the functioning state protection of property rights in a formal property system which records ownership and transactions. These property rights and the whole legal system of property make possible:
The labor theory of property does not only apply to land itself, but to any application of labor to nature. For example, natural rights thinker Lysander Spooner, [4] says that an apple taken from an unowned tree would become the property of the person who plucked it, as he has labored to acquire it. He says the "only way, in which ["the wealth ...
Economic freedom, or economic liberty, refers to the agency of people to make economic decisions. This is a term used in economic and policy debates as well as in the philosophy of economics . [ 1 ] [ 2 ] One approach to economic freedom comes from the liberal tradition emphasizing free markets , free trade , and private property .
Propertarianism, or proprietarianism, is a political philosophy that reduces all questions of law to the right to own property. [1] On property rights, it advocates private property based on Lockean sticky property norms, where an owner keeps their property more or less until they consent to gift or sell it, rejecting the Lockean proviso.
Smith further argued that civil government could not exist without property, as the government's main function was to define and safeguard property ownership. [ 10 ] In the 19th century, the economist and philosopher Karl Marx (1818–1883) provided an influential analysis of the development and history of property formations and their ...
[2] [14] [15] Right-libertarian philosophy is also rooted in the ideas of individual rights and laissez-faire economics. The right-libertarian theory of individual rights generally follows the homestead principle and the labor theory of property, stressing self-ownership and that people have an absolute right to the property that their labor ...