Property Rights Sample Homework
Question: Explain the different elements of property rights. Provide an example of how the US economy infringes on each.
Property rights are protected in the current laws of states usually found in the form of a constitution or a bill of rights. The United States Constitution provides explicitly for the protection of private property in the Fifth Amendment and Fourteenth Amendment:
The Fifth Amendment states:
Nor be deprived of life, liberty, or property, without due process of law; nor shall private property be taken for public use, without just compensation.
The Fourteenth Amendment states:
No State shall make or enforce any law which shall abridge the privileges or immunities of citizens of the United States; nor shall any State deprive any person of life, liberty, or property, without due process of law.