Law And Economicss Report Example

A property right is the authority of an individual to determine how a given resource can be utilized. The capitalist are often seen by the socialist to give property rights precedence over the human rights making people to be treated unequally. Property can either be owned by individuals or by the government. Individuals have no authority over how government property can be used but for a private property, individuals have the right to determine the usage and they also have the right to delegate its usage (Alchian, 2008). Private property have been known to eliminate destructive competition in the economy as people try to take control of the economic resources thus making discrimination so costly since ownership of resources will depend on the efforts of an individual. Therefore private property do not do not violate human rights but they are the right of people to own and use goods. It promotes sharing.
Law and economics differs strongly with other legal analysis. The legal analysis advocates for right to be given to the person who can afford most of it while law and economics insist that markets are more efficient than the courts (Rubinm, 2008). Law and economics also emphasizes on incentive and the response individuals will have to those incentives because it understands that people are rationale. According to law and economics the private legal system must first define what property rights are, allow for transfer of property and lastly it must it must protect those property rights.
In Law and economics, there is need for people to be able to determine who owns a given property and the set of rights that comes with the ownership of the property (Alchian, 2008). On contract law, law and economics advocates for individuals to be allowed to write and over see their own contracts and courts only to do the work of overseeing the contracts. Additionally, on law of torts there is need to distinguish between negligence and strict liability reason being most accidents are as a result of actions of both parties and lastly on criminal law, fine should be used as punishment even if the guilty party can afford to pay the fine.

References

Armen A. Alchian. (2008). Property Rights: The Concise Encyclopedia of Economics | Library of Economics and Liberty. Retrieved from http://www.econlib.org/library/Enc/PropertyRights.html
Paul H. Rubin. (2008). Law and Economics: The Concise Encyclopedia of Economics | Library of Economics and Liberty. Retrieved from http://www.econlib.org/library/Enc/LawandEconomics.html