What Is Property In Economics

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What Is Property In Economics
What Is Property In Economics

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Video: Property rights in a market system | Basic Economic Concepts | AP(R) Microeconomics | Khan Academy 2023, January

In the foundations of economics, there is such a branch of science as political science. Studying political science is very important for future economists. After all, it is in it that the basic concepts of political and economic science are considered. One of these concepts is property.

What is property in economics
What is property in economics

What is property?

The very concept of ownership has two main and most common definitions. First, property is the legal relationship between a person and a thing. Secondly, property is an object of legal relationship with a certain natural or legal person.

The Marxist Approach to the Concept of Property

In accordance with the approach of the science of Marxism, property occupies one of the most important and important places in various modes of production. The change in production directly depends on the change in the dominant forms of ownership. Marxists saw the root of evil in the existence of private property. The reforms of the bourgeoisie in Marxism are associated with the replacement of private property by public property. This approach resulted in the total nationalization of property.

Approach to the concept of property in Western economic theory

A second approach to property has developed in Western economic theory. Property here was understood as the scarcity of resources in comparison with the need for them. The solution to this contradiction lies in the exclusion from access to resources. The economic theory of property rights has recently become widespread. The concept of ownership here lies in the right to control the use of certain resources and to distribute the costs and benefits that arise from this. Here, the object of study is the relationship between people, their behavior, supported by laws, orders, traditions and customs.

Property in the economic sense

In the economic sense, property is considered as a historically determined real relationship between people about the appropriation, alienation or use of the results of production, labor and resources in the economy. In other words, property is a complex relationship between people in an economy, existing and deeply rooted in production. Any production of material goods is called the appropriation of energy or natural substances by people for the benefit and ease of life.

Appropriation and alienation

In political science, appropriation is called the economic connection between people, where this connection establishes the attitude of people to things as to property. The antonym of appropriation is the relationship of alienation. Alienation relationships can arise if some part of society captures all the means of production, leaving other people without sources of livelihood. Another example is the case when products created by some people are appropriated by others for no known reason.

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