The role of property rights in economic development (1)

Property rights is one of the most important institutions in economic and political arenas that root from the ideas of many Renaissance and even pre renaissance social and political philosophers such as John Locke, David Hume, John Stuart Mill, and even such religious figures as St. Thomas Aquinas. Propety rights is an institution in both the theoretical and real world arena. It makes sense to compare the theory of property rights from classical liberal perspective that sheds light from the such schools of thought as libertarianism, individualism, classical liberalism, and even liberalism in its most modern sence. Most economist think of property rights as a one of the most important elements in maintaining a civil society and prospering a well developed economy. However, many of these impressions and theories about property rights stem from the understanding that government is the main influence and imposer of these property rights in the most central way possible. However, one important issue about the role of property rights in economic development is that its philosophy is from an individual perspective. Hence a central planning agent such as government is not the most influencial coordinator of influencing the economy through imposing property rights. So property rights is an spontaneous institution that has evolved throughout history in the minds of scholars in the thoeretical arena and imposed by the private sector in the real economic and political arena. This complicated issue is that brings a bridge between the theoretical and real economic aspect of property rights can only be seen thoroughly through the lense of privatized and spontaneous coordination of agents and models that are influenced by those agents.