Property rights allocation determines economic success and failure in society.
The way property rights are given out in an economy affects how well it does. Different economic systems like capitalism or socialism give these rights to different groups, and this can make or break an economy. The same idea applies to how businesses are set up, like whether they're run by one person or a group. The best way for businesses to work is when property rights are privately owned and can be traded. This helps businesses and the economy be successful.