How much regulation is enough?
Everyone grumbles about rules, whether it’s doing the chores at home, or having to make small talk in social situations. But grudgingly, we accept that at least some of them are useful, and probably necessary. The discussion around government regulation is similar – most people accept that there should be some form of framework within which we lead our daily lives – we just can’t agree on what it should look like.
Why do property rights matter so much to market economies?
A key foundation of market systems is property rights. If we don’t know who owns what, it’s next to impossible to talk in terms of markets and exchange. But it’s more difficult than it would seem to determine who owns what, and more importantly, whether it’s fair that they do.