The Frame for the Canvas of Life

Property rights are the frame in which the canvas of life is displayed. Whether we notice it or not, property rights dictate much of our day to day life, from where we can park our car to the things we photograph. My economics professor, Bruce Rottman, ingrained in our heads this past year a theory called the Coase theorem. This economic theory refers to a competitive marketplace and states that when property rights are clear, and transaction costs are zero (or close to zero), an efficient outcome will be reached for both or all parties involved.