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[Quote No.42763] Need Area: Property > General
"[As] Economics is the study of the use of scarce resources which have alternative uses [then politics, is about the way the use of those scarce resources is decided. This is often the result of who is deemed to 'own' the resources - i.e. property rights: in free-market capitalism the private individual is deemed the owner through private property rights; in planned-economy communism the state is deemed the owner due to the much weaker private property rights if they exist at all.]" - Lionel Robbins
Distinguished British economist.
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[Quote No.42764] Need Area: Friends > General
"[Individual freedom and property rights are related! As] Economics is the study of the use of scarce resources which have alternative uses [then politics, is about the way the use of those scarce resources is decided. This is often the result of who is deemed to 'own' the resources -i.e. property rights: in free-market capitalism the private individual is deemed the owner through private property rights; in planned-economy communism the state is deemed the owner due to the much weaker private property rights if they exist at all.]" - Lionel Robbins
Distinguished British economist.
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