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Module 12

Property Rights in Institutional Economics

QuestionAnswer
What are Property Rights? Property Rights refer to the legal frameworks that govern the ownership. use and transfer of assets, whether they are physical objects, land or intellectual creations
Why do Property Rights Matter? 1. To incentivize economic activities 2. To encourage investment in Capital and Production 3. To prevent overuse or depletion of resources
What are types of Property Rights? 1. Public Property 2. Private Property 3. Common Property 4. Intellectual Property
What is Public Property? Property that is owned and maintained collectively by the state or the government on behalf of the public. Public Property is accessible to all though its use is regulated to avoid overuse or degradation
What is Private Property? Ownership of Assets by Individuals or Businesses. Private Property grants the owner exclusive control over the use, transfer and benefit of the Asset
What are Assets? Land, Buildings, Machinery, Financial Assets.
What is Common Property? Resources shared by a community where no individual holds exclusive ownership, but members of the community have collective rights to access and use it.
What is Common Property Vulnerable to? Common Property is often vulnerable to the "tragedy of the commons" where individuals overuse the resource , leading to its depletion.
What is Intellectual Property? Intellectual Property refers to the creations of the mind, including inventions (protected by patents), artistic works (protected by copyright) and brand identifiers (protected by trademarks)
What do IP rights do? IP rights give creators exclusive control over the use, reproduction and distribution of their work for a certain period, encouraging innovation and creativity.
What is the Role of Property Rights? 1. Economic Efficiency 2. Externalities 3. Wealth Distribution
Created by: asmich
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