Reading Analyiss #7 "Property Rights" (10/23/2011)

A)
     Property Rights is what makes JUSTICE possible! Private Property Rights are necessary in this world economy as well as institutions. For a market economy to exists  private property rights are necessary. I really find this reading interesting since we all give property rights for a fact and don't notice their great importance and role in the economy. The institutions are what allow each individual to pursue it's own gaols and ends without anyone interfering in their way. However, without us interifiring in anybodies way. Something that I might think is intuitive is that a common resource will be overused without the existence of rules or regulations since nobody will desire to preserve the resource if no one owns it. Additionally goverment can inter fear with property rights by taking property without compensation. Some points that I found interesting were like property owners suffer the consequences of bad decisions. However, a counter-intuitive argument that I found through this readig was that property rights make wealth possible. Since I thought that this is what makes poeple not acquire what they want how they want but it makes things harder ot obtain. However, I did not realize that they allow trade peacefully among people by substituiting contructive competition for destructive competition.


B)

1. Evaluate the argument: "Allowing the goverment to interfere in property rights will give the authority to argue in how a person should use his/her resources?" (Will this be quivelent to communism)
2. If Private Property Rights are what allow trade and this did not exist before. How did people trade before? (I believe PPR helps trade but not entirley)
3. If we still see people acquiring things be violent means, does this means that PPR is not working and they should be more strict? Or that society will never stop being violent and we will always have people not respecting regulations.
4. Following the last question I will like to picture this....How will market economy be if anyone will ever make a crime or break PPR?

C)
I believe Rizzo gave us his overview about Private Property Rights so we can realize how important their role are in a market economy. How PPR are what make our society trade intelifently and allocate resources from people than have low interet on them to people that have great interest on them. PPR is what make us not just beat us up when we want to use this resource.