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140a. Political economy pt. I: The Social Order of the Underworld

Education Bookcast

CHAPTER

The Positive Theory of Property Rights

The positive theory of property rights looks at whether someone can actually enforce a claim if i go to the store and purchase a bicycle then it is legally mine. If i do not invest resources to secure it then it won't be mine for long especially if it is left unlocked even if i have a moral or legal claim if i lack the resources to defend the claim then in reality i don't control the property right to it. governance institutions provide a way for people to assert define and defend ownership claims to property rights okay so that was number one property rights now now let's go on to number two  to help people capture the benefits from trade voluntary exchange makes both parties better off however beneficial trades

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