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1、PropertyRightsbyArmenA.AlchianOneofthemostfundamentalrequirementsofacapitalisteconomicsystem—andoneofthemostmisunderstoodconcepts—isastrongsystemofpropertyrights.FordecadessocialcriticsintheUnitedStatesandthroughouttheWesternworldhavecomplainedthat"property"rightstoooftentakeprecedenceover
2、"human"rights,withtheresultthatpeoplearetreatedunequallyandhaveunequalopportunities.Inequalityexistsinanysociety.Butthepurportedconflictbetweenpropertyrightsandhumanrightsisamirage—propertyrightsarehumanrights.Thedefinition,allocation,andprotectionofpropertyrightsisoneofthemostcomplexanddi
3、fficultsetofissuesthatanysocietyhastoresolve,butitisonethatmustberesolvedinsomefashion.Forthemostpartsocialcriticsof"property"rightsdonotwanttoabolishthoserights.Rather,theywanttotransferthemfromprivateownershiptogovernmentownership.Sometransferstopublicownership(orcontrol,whichissimilar)m
4、akeaneconomymoreeffective.Othersmakeitlesseffective.Theworstoutcomebyfaroccurswhenpropertyrightsreallyareabolished(seeTheTragedyoftheCommons).Apropertyrightistheexclusiveauthoritytodeterminehowaresourceisused,whetherthatresourceisownedbygovernmentorbyindividuals.Societyapprovestheusesselec
5、tedbytheholderofthepropertyrightwithgovernmentaladministeredforceandwithsocialostracism.Iftheresourceisownedbythegovernment,theagentwhodeterminesitsusehastooperateunderasetofrulesdetermined,intheUnitedStates,byCongressorbyexecutiveagenciesithaschargedwiththatrole.Privatepropertyrightshavet
6、wootherattributesinadditiontodeterminingtheuseofaresource.Oneistheexclusiverighttotheservicesoftheresource.Thus,forexample,theownerofanapartmentwithcompletepropertyrightstotheapartmenthastherighttodeterminewhethertorentitoutand,ifso,whichtenanttorentto;toliveinithimself;ortouseitinanyother
7、peacefulway.Thatistherighttodeterminetheuse.Iftheownerrentsouttheapartment,healsohastherighttoalltherentalincomefromtheproperty.Thatistherighttotheservicesoftheresources(therent).Finally,aprivatepropertyrightincludestherighttodelegate,rent,orsellanyportionofth
