What is property right? What role do property rights play in a market economy?
Government intervention is needed to make market more efficient as the private sector is motivated by the profit only and don't seek efficiency as the prime objective. Thus the State is an indispensable instrument of economic development and it take undertake activities that would compensate for the market failure. Market failure is perceived as the inability of markets to allocate ...
This explain the role of property rights in the market economy.