Chapter 1, Problem 1E

To determine

Can I own myself terming it as property rights?

Answer to Problem 1E

You cannot fully own yourself in the name of property rights.

Explanation of Solution

"You are a member of society. You can grow up only when the society contributes to your growth too. You are using the resources that the society has provided you. In return, you cannot solely declare your whole self to be private property, who can do anything."

1. You can choose how to develop parts of your body, whether that be your brain or your muscle.
2. You get to choose the careers that are most suitable for you.
3. You have the full rights to transfer your assets such as brainpower or strength in exchange of a suitable remuneration.

However, like property rights, you cannot do some things.

Just because you are capable of doing so, does not mean that you can commit any act in a society. It is the society, which defines acts permissible for you.

Similarly, the Government, in some cases, has the right to select a particular job type or your location of posting.

You may not always control the remuneration that you will get for transferring your skills and assets. Rather your employer decides the remuneration that you are entitled to from his viewpoint.

So, while you own and have extensive rights over yourself, but it is equally important how the society views you. You have to control yourself to comply with its social rules. The same can be said for the government regulations.

Just like the property, you can own and develop yourself, but within the ambit of regulations that government and society has bestowed on us.

Economics Concept Introduction

Introduction:

In countries, where you have well defined property rights, you have almost total control over the property. You can decide how to utilise your property the best, and you have the right to fix the price, if you decide to transfer the ownership rights.

In case the government wants to take that property, it has to pay a fair market price to you.

However, it is not that every aspect of property is under your control. The way your property is classified (rural, urban, agricultural .etc.) falls under ambit of government. For projects deemed necessary for the country, your land may be taken over forcibly by Government for a price that may seem to be lower than that you could have achieved on your own.

Our rights and ownership over our body is akin to the rights that you have over your own property.