Property rights are the set of valid claims to a good or resource that allow its use and the transfer of ownership through a sale.

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Property rights refer to the legal claims and entitlements that individuals or entities have over a particular asset, allowing them to use, sell, or transfer ownership of that asset according to certain rules and regulations. Thus, property rights are essential for individuals to engage in productive and mutually beneficial economic activities, and they form the basis of many legal and institutional frameworks, such as contracts, patents, or copyright laws.

Property Rights Are the Set of Valid Claims to a Good