Property ownership leads to incentives, which lead to trade and competition, which lead to market efficiency. Consider how these concepts apply to some real-world circumstances.
Write a 2-3 page paper that discusses the following:
- Consider illegal immigration. How would illegal immigration be affected if all countries had property ownership rights as well defined as in the United States?
- Consider the following statement by Charles Wheelan, author of the Naked Economist: "The problem with Asian sweatshops is that there are not enough of them." How is Wheelan's statement illustrative of fundamental economic concepts?
- Describe the types of information that market prices provide.