Hernando de Soto (a Bolivian economist) argues that property rights are even more important in the developing world than in rich nations. What is his argument? How could the absence of well-defined property rights affect economic development? What might the absence of well-defined property rights mean for illegal immigration? DeSoto has argued that the LDCs fail to grow primarily because of a lack of private property rights. How does that analysis apply to the Native American?
Answer to relevant QuestionsWhat does the following statement mean? “Indeed, every decision we make involves some kind of trade-off.” Under what condition would the statement not be true?The following data represent the production possibilities of two people in solving math and economics problems. If they devote their total effort and time to math, A can solve 10 math problems and B can solve 10 math ...Is the government provision of interstate highways a productive use of resources? What would have occurred had the government not taken responsibility for building and maintaining highways? Are there private property rights within a firm? Who owns what? What is not owned? Can `trade and exchange occur within the firm without the existence of private property rights?Suppose that an employee has two tasks to perform—assembling machinery and evaluating quality. Suppose that the supervisor can only observe how many machines have been assembled by the worker. Is a hierarchical firm ...
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