Megan Liston
Savannah Liston
Econ essay #3
November 20th, 2014
Private Property and Why It Is Essential To The Economy
Private property is something that is very familiar to the individual. People buy signs to show that their land is clearly off limits to the outsider. But have you ever stopped to consider what a vital role this idea plays in the economy? In the essay I will be addressing the importance of private property and what would happen if this concept did not exist.
Right now every square inch of land is owned by someone. Either someone is renting it, or the government owns it, etc. It is such vitally important emotion for humans to have something to call our own. ‘This is my home’, they think. ‘This is the place that I call home.’ What if no one owned anything? What if you could call nothing yours? We feel a sense of ownership and authority over our land or home. We can feel important knowing that we are taking care of our home when we work to beautify it. Everything we do, we do either for us or for our land. Like in the action axiom, we act only on three conditions, we have a need, we have the resources, and we believe that it will in some way benefit us. People work so that they can pay the taxes on their land. They mow, rake, weed, etc, so that their land will look good. Their home might be a mansion or a ranch. It could be a shed or a shack. But no matter what it is, it is their home; it is their refuge. In the midst of an angry and strange world, their home is a symbol of peace and comfort.
What if there wasn’t such a thing as ‘private property’? What if we had nothing to call our own? Everything in sight, as far as our eyes could see, was an endless land of uncertain dreams reaching far beyond our sight. We knew nothing of what could have been ours, had we only realized why it was so important. As the world shattered around us, we had no where to go, no where to call home. Not only is private property important because it helps the individual feel a goal to life and a reason to live, it is also crucial for the economy. If everyone viewed everything as their own, then we wouldn’t buy things, we would just take them. Why would we trade money for goods if the goods really belonged to us already? We would have no boundaries or limits and mayhem and turmoil would reign. We would be forced to let anyone come and raid our home, and we would do the same thing. No one would know how to stop the rioting because no one would listen.
Our economy hangs by a thin thread, the thread of private property. Without this, our economy would fragment. If our government upheld this concept more, we wouldn’t have the massive arguments and disputes over land. They would all be fixed if the land owner said what he wanted and all was left alone. But once the government enters the picture, things change and suddenly we don’t own it anymore. We would live in harmony because everyone would have perfect control of their land and there would be no need to steal and start disputes.
So, to end, I want to stress the point that without the concept of private property our economy would shatter and we would be left in a world full of chaos and uncertainty. Humans need a sense of certainty and routine. Private property is vital to the survival of our country.
My Sources: http://schoolhouseteachers.com/category/teachers/history-geography-and-social-studies/economics/free-market/
My notes from Free Market Economics.
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