Economics

Paper Summary:

The paper's initial question relates to free markets and the rule of law and property rights as central to free market success or failure by virtue of their presence or absence. The other questions relate to determining the price elasticity of supply and demand as they relate to a pizza business.

From the Paper:

"The rule of law (ROL) and property rights (PR) are not only fundamental principles of a free market but are essential components of a fully, or even partial, democratic system. The ROL and PR are essential in democracies and democratic forms of government because they ensure access to and equal representation in government as well as provide the key form of vestment in the process: the ownership of property. Within a free market economy, these fundamental features of democracy are even more important. The existence of PR ensures investors, either private or commercial, that their investments within the free market economy are not only legal but protected through elaborate mechanisms that ensure their property or investment cannot be arbitrarily removed from their possession."

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