Paper Example on Property Rights and Contractual Rights

Introduction

Property rights are constructs that establish who owns what. In essence, property rights create the frameworks for ownership and transfer of economic goods, resources or services. Contractual rights are guaranteed rights that people have whenever they enter into a valid and binding contract with one another (Murphy, 2017). The roles of contractual and property rights in fostering economic growth are that they address concerns about ownership and transfer of the means of production.

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Role of Government in Economic Growth

The government has the task of using its resource endowments to catalyze economic progress. It is the government that can create an enabling environment for business through ensuring security, proper labor laws, favorable taxation regime, adequate infrastructure, and healthy human resources.

GDP as a Measure of Standard of Living

My primary recommendation for improving a country's standard of living would be to increase its GDP since the measure indicates the market value of all goods and services produced within the country over a given period. The figure being quantitative provides a clear impression of various factors that contribute to higher living standards such as the quality of life, and happiness (Murphy, 2017).

Benefits from Providing Unemployment Compensation

Providing unemployment compensation builds the morale of prospective employees and enables the economy to maintain a standby human resource. It also improves their general standards of living even as they seek jobs (Schroeder, 2018).

Detriments from Providing Unemployment Benefits

The disadvantages of unemployment compensation are that the individuals who are unemployed might get less motivated to search for a job or merely become discriminative of certain jobs (Schroeder, 2018). They may also encourage people to be lazy in taking other productive engagements that are not necessarily formal.

Comparison of the Benefits and Detriments of Providing Unemployment Benefits

From this assessment, it is evident that the benefits of providing unemployment benefits to people outside employment outweigh the demerits. For instance, any person who has undergone training and can get employment deserves a dignified life from the government who has the role of creating job opportunities. The motive of having such a scheme is to ensure better standards of living for every potential employee but then how it impacts an individual is subjective and depends on personal mindset.

Conclusion

The salary adjustments are sufficient to keep one better off as the outside market might be more competitive that finding a good paying job might be difficult. Also, due to the inflation, accepting new employees might be difficult as most organizations need trusted employees for the company's success.

References

Murphy, R. S. (2017). Property rights in personal information: An economic defense of privacy. In Privacy (pp. 43-79). Routledge.

Schroeder, D. (2018). Work Incentives and Welfare Provision: The 'pathological' theory of unemployment. Routledge.