THE CONCEPT AND ECONOMIC EFFECTS OF PROPERTY RIGHTS: AN INSTITUTIONAL APPROACH

In this paper, we analysis the concept, economic effects, and theories of the protection of property rights. The results of the paper revealed that: 1) There is a consensus of opinions between economists in defining of property rights. 2) Securing property rights can led to accumulation of physical, human, and social capital, increasing savings, increasing economic efficiency, optimal resource allocation, decreasing private and public rent-seeking, and increasing economic growth and development. 3) Responsibility of property rights protection is depend on political, social, and economic conditions, and situation of economic system of a society. The results of this paper emphasized on the importance of institutional economics analysis as a complementary to traditional analysis.