Economics Laws

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Economics Week 1

Economic Laws

Trudy Mullins

Grantham University

When asked should every nation be democratic and free, would bring up lots of discussion. Most would tell you they would like to see that, yet in their mind they know it isn’t possible. All know that when nations are all not democratic, this concept makes the world go round. Because of the different cultures, religions, and government premises, makes it almost impossible for all nations to be democratic. Democracy, socialism, capitalism, and communism all have different views and playbooks on how a government should look like and perform.

Human rights are a different topic. What would most people say would be the rights that individuals or even governments should never get to violate? Some of the rights that should not be violated by either would be the right to liberty, freedom of thought and expression, fair and equal treatment before the law, and to life itself. As stated before cultures, religions, and governments all have a different view on how to carry out these rights. It is all bases on what a group of individuals believe, and the up bringing they were brought up in.

Another right to think about is property rights. The property rights model (2013) describes this right beautifully, “ The term “property rights” carries two distinct meanings in the economic literature. One, primarily developed by Alchian (1965, 1987) and Cheung (1969), is essentially the ability to enjoy a piece of property. The other, much more prevalent and much older, is essentially what the state assigns to a person. I designate the first “economic (property) rights” and the second “legal (property) rights.” Economic rights are the end, that is, what people ultimately seed, whereas legal rights are means to achieve the end.”

When asked should property rights be enforced everywhere, if so how, would make a lot of people ponder about their answer. With the different cultures,...
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