Sustainable development requires property rights from "summary" of Capitalism and Freedom by Milton Friedman
The essential foundation of sustainable development lies in the protection of property rights. Without property rights, individuals lack the necessary incentives to conserve resources for the future. When property rights are not clearly defined and protected, individuals have little reason to invest in the maintenance and improvement of their property. In the absence of property rights, there is no assurance that the benefits of conservation efforts will accrue to those who undertake them. This lack of security undermines the incentive for individuals to engage in sustainable practices. Property rights provide individuals with the assurance that they will reap the rewards of their investments in conservation. This assurance encourages individuals to act in ways that promote the long-term health of the environment. When property rights are secure, individuals are more likely to engage in sustainable practices that benefit not only themselves but also society as a whole. By aligning individual incentives with the goals of sustainable development, property rights play a crucial role in promoting environmental conservation.- The protection of property rights is essential for sustainable development. Without secure property rights, individuals lack the incentives to invest in conservation efforts and promote the long-term health of the environment. Only by ensuring that property rights are protected can we create a foundation for sustainable development that benefits both current and future generations.
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