Porul: Poor need private property rights

Friday, September 26, 2008

Poor need private property rights

As I said here, terribly there is a need for private property right not just but constitutionally.

Economist Thomas Sowell writes, “What property rights provide, in countries where these rights are readily accessible, is the ability of people to convert physical assets into financial assets, which is turn enables them to create additional wealth, whether individually or in combination with others. Property rights enable strangers to cooperate in economic ventures, some of which are beyond the means of any particular individual and must be undertaken by corporations which can mobilize the wealth of thousands or even millions of people, who cannot possible all know each other. Moreover, property rights provide incentives to monitor their own economic activities more closely than government officials can-and protects them from the over-reaching caprices or corruption of such officials. In short, property rights are an integral part of a price –coordinated economy, without which that economy cannot function as efficiently” (Applied Economics Thinking Beyond State One, p. 200-201).

Here is an events by Delhi based Liberty Institute. I am posting the whole programme below.

Liberty Institute

and

International Management Institute

In partnership with

Friedrich Naumann Stiftung - für die Freiheit

Cordially invite you to

A roundtable on

Property Rights: The Sin in Singur

Panelist:

Sanjiv Agarwal, businessman and Good Governance India
Biswajit Bhattacharya, advocate, Supreme Court of India
Bibek Debroy, International Management Institute
Ashok Desai, economist and columnist
Paranjoy Guhathakurta, journalist
Rajiv Kumar, International Council for Research on International Economic Relations