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ACTIVIST POLICY: Government policies that involve explicit actions designed to achieve specific goals. A common type of activist policy is that designed to stabilize business cycles, reduce unemployment, and lower inflation, through government spending and taxes (fiscal policy) or the money supply (monetary policy). Activist policies are also term discretionary policies because they involve discretionary decisions by government. A contrast to activist policy is automatic stabilizers that help stabilize business cycles without explicit government actions.

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PRIVATE PROPERTY:

An economic institution in which goods, resources, commodities, or other assets (property) are owned and controlled by households and businesses (the private sector) rather than government (the public sector). Private property is a key institution, along with individual freedom and competitive markets, that helps to form the structure of capitalism.
Private property creates critical incentives for the efficient operation of competitive markets used in a market-oriented economy. Under private-property ownership, control over resources is relinquished (that is sold) when owners are compensated for their opportunity cost. Owners have the incentive to sell their assets to the highest bidder, which means resources are being directed to the highest valued uses. This is just the sort of thing that leads to an efficient use of resources.

The alternative to private property is collective ownership of property, also termed common-property goods. This can take the form of direct government ownership, such as public parks or municipal office buildings, in which a specific government entity also has control of the property. Or it can take the form of shared public ownership, such as the oceans or atmosphere, in which every member of society in principle shares ownership, but no one in particular has actual control of the property.

<= PRIVATE GOODSPRIVATE SECTOR =>


Recommended Citation:

PRIVATE PROPERTY, AmosWEB Encyclonomic WEB*pedia, http://www.AmosWEB.com, AmosWEB LLC, 2000-2022. [Accessed: August 8, 2022].


Check Out These Related Terms...

     | property rights | ownership and control |


Or For A Little Background...

     | private sector | public sector | incentive | efficiency | institution |


And For Further Study...

     | government functions | three questions of allocation | free enterprise | capitalism | laissez faire | opportunity cost |


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