what are property rights in economics
Property rights. In an economy, there needs to be clear laws regarding ownership of goods and services. Otherwise, it would be difficult to make any effective business; and issues such as theft and grabbing would be uncontrolled.here are four main components of property rights, and nearly all government policies and legislations seek to define property ownership by addressing these main components. Right to use the property. The essence of owning property is being able to use it in the way you want.