The first and second article of the Virginia Declaration of Rights adopted unani

Question

The first and second article of the Virginia Declaration of Rights adopted unanimously by the Virginia Convention of Delegates on June 12, 1776 and written by George Mason, is: That all men are by nature equally free and independent, and have certain inherent rights, of which, when they enter into a state of society, they cannot, by any compact, deprive or divest their posterity; namely, the enjoyment of life and liberty, with the means of acquiring and possessing property, and pursuing and obtaining happiness and safety. Discuss the importance of property rights in promoting economic growth and prosperity: Why is it virtually impossible for prosperity to take place without clear –and properly enforced– property rights?

Explanation / Answer

Answer:

Property rights are legal ownership by any person or institution. It is concerned with the use and distribution of goods or resources. It provide efficient use of scare resources and reduces transaction cost. It promotes the idea of equal distributing of resources and equal opportunities to everyone it leads to development of our society or we can say that it increases social welfare and she reached to find ways to increase. The better utilization of resources leads to better output which further increases our economic development.

It is virtually impossible for prosperity to take place without clear and properly enforced property rights because if property rights are not enforced properly than one person can exploit another person to get more goods or resources which will reduce development of individual and economy and will adversely affect the prosperity of people. When economic development increases and property rights are rationally and equally distributed prosperity increases.

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