Every paper that is written must have a legitimate cause for being written. This paper deals with “Ill defined Property Rights”. To legitimize the paper, we must first notice the wordings of the topic itself, it deals with the right to property, property, and poorly or ill-defined rights. Now, it may seem queer as to why select this topic more than any other, the reason is very clear and simple, it deals with the element of public policy, meaning that it is intervention of the state in the otherwise state of chaos. The element of public policy comes in whenever the work in question is one which can harm the efficiency of the market or the disturb the equilibrium of the market, these are known as negative externalities and well Defined Property Rights are a means to tackle this problem.
Now, its not as if the market fails just because there are no rights and boundaries given, it also fails in the presence of the property rights, it fails when these rights are present but they are not enforced in all their capacities. This is one scenario that most commentators on this topic look at, that just having laws and rights in the statute is not enough if they aren’t imposed as stringently as embossed.
The object of this paper is to focus on the ill-defined property rights and their implications and tie-ins with the economics. The topic must be broken down into 3 parts – “ill defined”; “property” and “property rights”.
Each of these parts carries matter that need individual explanation and cannot be left to interpretation. To understand what “property rights” mean, we must first have a cohesive idea as to what “property” is, where this notion came from and what does it mean. So, the pattern of flow that the paper will have is –
1. Define “Property”. Trace the origin of private property and the concepts of land that existed prior to the concept of private property.
2. Define “Property Rights”. The advent of property rights and the effects of the same.