Which statement about the rule of law and economic growth is correct? Select the best answer....

Which statement about the rule of law and economic growth is correct? Select the best answer.
Any amount of money that individuals own is their property, and they can use it however they want (within legal parameters).
The only factor of economic growth is the constant increase in power-driven machinery and, therefore, increase in production.
The definition of property includes physical property only.

Expert Solution

The first statement is correct.

Any amount of money that individuals own is their property, and they can use it however they want (within legal parameters).

Any amount of money an individual has earned or gained in adhere to legal parameters is his property and he is free to use it any way he feels like. He can keep it in the bank, lend it to any other person or keep it as physical cash with himself.

Property can be physical or non-physical. If a person earns money by selling a product, it's physical. If a person provides a consultation like legal advice or a Chartered Accountant provides its services for filing the ITR, it's non-physical.

If a person after receiving a service does not pay for the service received, it is like he is stealing another person's property (i.e. his services), which is not legal and the other person can sue him for that.

Rahul Sunny answered 2 years ago

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