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Legal 1 Assignment: Property And Societal Prosperity (Essay Sample)

Instructions:

In our reading this week property is related to societal prosperity, incentivising work in particular. Given the institution of property promotes individual prosperity and permits unequal accumulation of resources:
Respond: Would you associate property with greed and materialism? Do the economies of Russia and North Korea create an incentive in the absence of property?

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Property and Societal Prosperity
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Property and Societal Prosperity
Property is understood as a collection of rights which include the right to possess, utilize and exchange a resource as well as right to omit other people and state from a resource.
Property cannot be associated with greed. However, it is related to prosperity due to the availability of incentives and freedom to maximize production based on the potentiality and innovation of an entrepreneur. Human beings by nature are fond of acquiring resources hence with the provision of a system that encourages a tendency of maximization of resources within no limits, or broader limits lead to maximum prosperity in the society (Schumpeter, 2013). The accumulation of property in the society is pegged on the incentives that motivate a person's desire to work harder hence lead to unequal resource accumulation. Such accumulation of resources should not be associated with greed ...
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