Property Rights

Private property rights confer on owners in market economies legal entitlement to enjoy with exclusivity defined benefits accruing from ownership of private assets or goods; ownership that is transferable once a financial transaction has concluded and the seller has received fair value for the asset or goods sold; fair value as defined through the mechanism of price. Property rights also have to be enforceable. Owners of private assets or goods have in-built incentives to enjoy ownership responsibly and efficiently to preserve value.