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21 February, 06:01

Which of the following institutions do economists see as necessary for economic growth? Choose one or more:

A. efficient taxes

B. representative democracy

C. private property rights

D. stable money and prices

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Answers (1)
  1. 21 February, 07:13
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    C. private property rights

    Explanation:

    A fundamental difference with socialism under which property rights are violate or denied. If individuals cannot own what they achieve they don't have the incentives to improve the manufacturing process (patents), discover new materials (right of use) or offer their factor in the market (rent their capital, land or offer his workforce) Leaving a society with lower output as time passes becasue there is no innovation. Without property right we are back into grow rate of the medieval period on which the lord ownerd the land and the indivudual nothing.
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Home » Business » Which of the following institutions do economists see as necessary for economic growth? Choose one or more: A. efficient taxes B. representative democracy C. private property rights D. stable money and prices
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