Explore BrainMass

Explore BrainMass

    Property rights and market economy

    This content was COPIED from BrainMass.com - View the original, and get the already-completed solution here!

    What is property right? What role do property rights play in a market economy?

    © BrainMass Inc. brainmass.com June 3, 2020, 6:18 pm ad1c9bdddf

    Solution Preview

    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 ...

    Solution Summary

    This explain the role of property rights in the market economy.