There’s a reason why our republic is built on the right to private property, and why Socialists want to take it away.
Harold Demsetz, a key member of the UCLA School of Economics, was one of the first to write about the “tragedy of the commons,” which explains that when property is owned by everyone communally, it will be overused and used ineffectively.
But, as Demsetz explained, when well-defined property rights are introduced, conflicts can be reduced and resources will be used more efficiently. Watch this video to learn more, and visit www.essentialUCLAeconomics.org.
(H/T: Cafe Hayek)
