In his article titled “property rights”, Alchian emphasizes on the importance of property rights. Property rights entail the exclusive authority to use; receive services of the resources and exchange the resources in agreeable and mutually beneficial terms (Alchian, pg 1).
The article associates the government interference in the market system as promoting social ills as discrimination owing to significant bleaching people’s property rights.
Upholding property rights would prevent the introduction in the market since the society will be inclined to use unconventional means in the fight for the resources. Alchian explains that socialism represents an economic system that will always be characterized by conflict due to government’s constant interference with market equilibrium (2008, pg 7). In particular, price controls and rent controls are deemed to bring about social injustices as discrimination along gender, race, and ethnicity.
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