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Karol Boudreaux of George Mason University has just published Property Rights as an Institution: Implications for Development Policy (Mercatus Policy Series: Policy Primer No. 2), May 2005. She begins:
After years of overlooking the central role that property rights play in economic development and growth, scholars and policy makers are beginning to recognize that property is a key building block of a prosperous society and must be a part of any sustainable development program. Intellectual property is definitely within the ken of this growing recognition of the crucial role of property rights to both economic development and individual freedom and autonomy. For an example, see "A Paradox for Poor Nations: Inventors Face Big Barriers Where Entrepreneurs are Most Needed," WSJ (subscription required) today, p. A20.
Boudreaux concludes:
[E]ffective property rights, supported by the related institutions of a rule of law, contracting rules, and an impartial judiciary and police, are a key element to the puzzle of poverty alleviation and economic development. These rights also decentralize power, resulting in a more open, dynamic society that recognizes the talents and contributions of many members—not just the politically or traditionally powerful. As a result, property rights do more than just promote economic growth, they promote human growth and flourishing.
posted by James DeLong @ 9:31 AM | General
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